Hamburg Boosts Exports Despite Slump in the USA - Hamburg's 2022 trade reveals growth in Asia but steep U.S. declines
Hamburg's trade figures for 2022 show a mixed picture of growth and decline. While overall exports rose slightly, some key markets suffered steep drops. Meanwhile, imports continued to climb, and trade with China saw a major boost.
The city's total exports reached €56.8 billion in 2022, up by €700 million (1.2%) from the previous year. Europe remained the strongest market, with exports rising by 10.1% to €35.2 billion. Trade with Asia also expanded, growing by 18.3% to €13.6 billion.
Exports to China stood out, surging by nearly a third to roughly €5 billion. This growth reflects a broader trend over the past five years, driven by rising container traffic at Hamburg's port. In 2023 alone, throughput hit 8.5 million TEU, a 4% increase from 2022. Key exports to China included chemicals, pharmaceuticals, and automotive parts, though imports—such as electronics, machinery, and consumer goods—far outpaced them. Certain sectors performed particularly well. Electrical engineering exports jumped by 19.9% to €1.2 billion, while semi-finished copper products rose by 16.2% to €1.4 billion. Watercraft exports also saw strong growth, climbing 26.2% to €1 billion. Aircraft exports, however, remained nearly flat, dipping by just 0.1% to €24.82 billion. Not all regions fared as well. Exports to the Americas plummeted, with shipments to the U.S. falling by 61.4% to €2.2 billion. Overall exports to the Americas dropped by 55.2% to €3.9 billion. On the import side, Hamburg brought in €76.6 billion worth of goods in 2022, a 3.7% increase from 2021. China remained a dominant supplier, with imports significantly exceeding exports—a pattern less pronounced in trade with other Asian nations like South Korea and Japan.
Hamburg's trade in 2022 highlights shifting global demand. While exports to Europe and Asia grew, the sharp decline in American markets offset some gains. The city's port continues to strengthen ties with China, though imports still outweigh exports by a wide margin.
