Saxony increases exports - concerns about US tariffs

Saxony's economy wants to open up new foreign markets in view of the US tariff policy. "We will have to stand on our own two feet," said Economics Minister Dirk Panter (SPD) at the "Foreign Trade Day" in Dresden. The aim is to become more independent. "Tariffs are poison. Tariffs seal off markets, restrict trade, burn money and cost jobs." Reliability is an extremely important asset in these times.

Hope that the USA will give in on tariff policy

What the US government is currently doing no longer has anything to do with rational, economic action, said Panter. "I am counting on the USA to use the now announced tariff pause to reconsider its drastic, nationalistic market demarcation and return to economic rationality." The global uncertainty in relations with the USA is forcing companies to diversify their trade relations. They should no longer be so dependent on individual markets.

USA was Saxony's second most important export market last year

The USA was once again Saxony's second most important export market last year. Exports to the United States rose by ten percent to almost 5.1 billion euros. In terms of imports, the USA ranked ninth. As the automotive industry accounts for the majority of Saxony's exports at around 60 percent, this sector is particularly affected. Panter pointed out that Porsche exports around 25,000 Macans to the USA every year. It is unclear whether buyers there would accept high price premiums due to customs duties.

Saxony increases exports by 2.4 percent

According to statistics, Saxony exported goods worth 51.1 billion euros abroad in 2024. This is an increase of 2.4 percent compared to the previous year and the second-best figure after 2022 (53.2 billion euros). Imports decreased by 3.7% to 34.8 billion euros. Here, the highest value was reached in 2023 (36.1 billion euros).

China is the largest trading partner

China is the largest trading partner with an export volume of a good six billion euros, even though this was seven percent less than in the previous year. Imports from China comprised goods worth just under 4.5 billion euros. Exports to EU countries amounted to 23 billion euros, making up the largest share. Neighboring countries Poland and the Czech Republic ranked among the top 5 markets.

Companies want to focus on new growth markets

According to Thomas Horn, Managing Director of the Saxony Economic Development Corporation, Saxon companies want to focus more on the potential of international growth markets such as India, Japan, Mexico and Saudi Arabia. However, the European market is also in focus.

Skilled trades demand reduction of bureaucratic hurdles in the EU internal market

Jörg Dittrich, President of the Dresden Chamber of Skilled Trades, called for a reduction of hurdles in the EU internal market so that foreign business does not become a "hurdle race". "Fewer regulations and a uniform implementation of EU directives instead of 27 individual solutions must be the goal in order to make foreign business attractive for small and medium-sized companies too."