The Treasurer’s Guide to Trade Finance

Germany

Economic and trade overview

Key figures

Economy 2011 Trade 2011 (USD billion)

GDP (USD) 3,599 bn Goods Exports 1,494

GDP per capita (USD) 43,808 Imports 1,273

GDP volume growth (year-on-year) + 3.1% Net + 220

Population 82.16m Services Exports 267

MMR (year average) 0.81% Imports 305

Exchange rate EUR / USD (year average) 0.7194 Net – 38

BoP (goods, services & income) as % of GDP + 6.9% Source: IFS, IMF, January 2013

International/Regional memberships

European Union (EU): founding member since
25 March 1957. Germany is also a member of
the European Economic Area (EEA).

International Monetary Fund (IMF):
since 14 August 1952.

World Trade Organization (WTO):
since 1 January 1995.

Government trade policy

ƒ Germany implements the EU’s trade
regulations, commercial policies and
customs code (ec.europa.eu/trade).

ƒ Germany trades freely with its fellow EEA
member states as well as Switzerland.

ƒ The EU has in place bilateral trade

agreements with 36 countries and regional

trade agreements with a number of trading

blocs.

ƒ National export credit insurance provider:

Euler Hermes Credit Insurance (Euler

Hermes Kreditversicherung —

http://www.eulerhermes.de).

ƒ The Federal Government’s Export Credit

Guarantee Scheme and Investment

Guarantee Scheme (www.agaportal.de)

are administered by Euler Hermes and

PricewaterhouseCoopers Deutschland.

ƒ The EU maintains 74 free trade zones,

including five located in Germany: the

free ports of Bremerhaven, Cuxhaven,

Deggendorf, Duisburg and Hamburg.

Currency and exchange controls

Official currency: Euro (EUR).

Exchange rate arrangement: free floating.

Germany does not impose foreign exchange
controls.

ƒ Germany applies controls to financial credits
from resident pension funds to non-residents
from outside the EU if they account for
over 5 percent of the resident’s guaranteed
assets or 20 percent of the resident’s other
restricted assets.

Bank accounts

Permission to hold currency accounts

Within

Germany

Outside

Germany

EURForeign currency EURForeign currency

Resident

company ✔ ✔ ✔ ✔

Non-resident

company ✔ ✔ ✔ N/A