Hamburg cultivating links in all corners of globe

29 November 2023

Chamber of Commerce developing new strategy for sustainable foreign trade and recommends diversification

Around 19,000 companies in Hamburg do foreign trade and more than 8,500 companies focus on global trade, which indicates the city's traditionally strong international focus. Commenting on the revised foreign trade strategy presented in late November, Professor Norbert Aust, President of the Hamburg Chamber of Commerce, said: "Hamburg is Germany's number one foreign trade centre and plays a key role in the entire country's foreign trade success. We are living in turbulent times to put it mildly," he noted. "Turbulent times require a strategy that takes greater account of current geopolitical conditions," Aust stressed.

More diversification recommended

The Hamburg Institute of International Economics surveyed the city's foreign trade links on behalf of the chamber and has drafted a position paper on Hamburg's future as a foreign trade centre. Three elements are crucial to its success. "Hamburg's economy must be internationally competitive, open to the world, but also capable of defending open markets and the multilateral global trade order and maintaining and creating fair global competitive conditions." More diverse trade relations are needed to future-proof the city as a foreign trade centre. Last year, China was again Hamburg's number one trading partner followed by the United States in terms of imports and France for exports. "But other countries are becoming more important," Aust stressed and cited countries in Latin America and Central Asia as examples.

Malte Heyne, Managing Director of the Chamber of Commerce, and President Norbert Aust

Delegation trips strengthen international relations

Dr Peter Tschentscher, Mayor of Hamburg, led a delegation to Chile in September 2023 as President of the Bundesrat after previous trips to Washington, San Francisco and Los Angeles in April. The trip to the U.S. was the first official visit by a Bundesrat President since 2004. The accompanying business and science delegates visited companies and research institutions focusing on artificial intelligence, quantum computing and hydrogen. Developing an international hydrogen sector and the appropriate import infrastructure took centre stage in Latin America as well. Thus, delegation trips definitely help put Hamburg's foreign trade relations on a broader footing. Yet, the city must also keep an eye on China as a trading partner, said Malte Heyne, Managing Director of the Chamber of Commerce. "China is by far the Port of Hamburg's largest foreign trade partner. Decoupling from China is not an option from Hamburg's point of view," he stressed.

India increasingly interesting market

India is now the word's fifth most important economy. Naturally, Hamburg has a keen eye on the huge market in the Indian subcontinent. And the 10th India Week Hamburg to boost Hanseatic-India relations ended recently in November. Commenting at the start of the week, Aust noted: "India is a key economic partner for Hamburg. We are setting new records in terms of trade in goods and container handling." Hamburg exports mostly aircraft to India (90 per cent), while the most frequently imported goods are clothing (21 per cent). Exports from Hamburg to India surpassed the EUR 2 billion mark since 2020 and came to EUR 2.192 billion in 2022 underlining the flourishing, bilateral relations.

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