In terms of German-British business relations, the past year was a reasonably good one: despite an overall weak global trading environment, the trade in goods between our two countries grew significantly and now stands at GBP 108 bn per annum. After dropping out of Germany’s top ten trading partners in 2022, the UK is now back on the list, edging into ninth place. Looking at the trading relationship from a British perspective, Germany is the UK’s second most important partner after the United States. Of course, Brexit has produced a substantial dent in the trade figures, but we can now observe that bilateral activity and trade are growing again, thus potentially closing the gap over time. However, to continue closing this gap, we will need to see a closer EU-UK alignment in a number of key areas such as creating a framework for the trade of phytosanitary products and simpler/easier rules for the short-term posting of workers across the Channel. Despite these positive news, trade will only be able to develop significantly below its potential if such measures remain unimplemented.
With weak growth predicted in the UK and in Germany in 2024, an increase in trade between our like-minded nations would stimulate both economies to help them embark on to a positive trajectory. Therefore, we at the Chamber will continue increasing our efforts to support companies doing business across the Channel, as this is not only good for them, but also for our economies as a whole.
Dr Ulrich Hoppe
Director General
German-British Chamber of Industry & Commerce
