2021 was a record year for Saxony’s export economy. This year has also got off to a good start. However, the effects of the corona pandemic are still being felt.
Dresden (dpa/sn) – According to the assessment of the Saxony Economic Development Agency, the corona pandemic is still affecting the foreign trade business of companies. Managing director Thomas Horn explained that it was particularly difficult to maintain personal business contacts in Asia. Travel to and from China is still subject to restrictions, and countries like Japan have also increased entry requirements. Nevertheless, the export business got off to a good start this year. In the first quarter there was an increase of five percent. The neighboring markets in Central and Eastern Europe would become more important.
In 2021, Saxony’s economy had achieved a record value in exports. Goods worth 44.8 billion euros were exported. The most important export countries were China, the USA and Great Britain.
In the first quarter of 2022, exports were worth 11.7 billion euros, according to Horn. There has been a shift in the export countries: the Czech Republic has worked its way up to second place, Poland is fifth. “The Czech Republic and Poland have long since developed into the most important economic partners in the EU,” said Horn. Their advantages are the physical proximity and fewer uncertainties. China remains the most important export market with exports of 2.3 billion euros. The Czech Republic comes to 886 million euros.
The Ukraine war, on the other hand, had little effect – because both Russia and Ukraine had previously only had a small share of total exports. For Russia it was 1.3 percent last year. “In the case of the numerous companies that were active in both countries, this assessment can be quite different for individual companies,” explained Horn. “For companies with large sales in Russia or Ukraine, there are of course strong implications.”
Economic promoter Horn expects that Corona will have lasting consequences for companies in Saxony. “The ongoing pandemic will mean that markets, flows of goods and investments, and value chains will change in the long term,” he explained. Other factors are energy security, raw material costs and the need for skilled workers. Overall, Horn is positive about Saxony: “All in all, we are clearly assuming a growth path for Saxony in the medium term.”