The United States has solidified its position as the largest market for German exports, with a significant increase in trade volume in 2024. According to Germany's Federal Statistical Office, Destatis, the U.S. accounted for approximately 10.4% of Germany's total exports last year, valued at 161.3 billion euros or $183.3 billion. This marks the highest proportion since 2002 and positions the U.S. as Germany's leading trading partner, surpassing China.
The U.S. is particularly crucial for German pharmaceuticals, with nearly a quarter of these exports directed to this market, amounting to about 27 billion euros. Additionally, the U.S. is a significant destination for German machinery, including medical devices and aerospace technology, as well as automobiles.
However, this robust trade relationship faces challenges due to tariffs imposed by the Trump administration. Recent announcements include a 20% tariff on all goods from the European Union, later reduced to 10%, alongside a 25% levy on automobiles, steel, and aluminum. These tariffs could impact future trade dynamics, potentially curtailing the momentum gained in 2024.
Germany's trade surplus with the U.S. stood at 69.8 billion euros in 2024, with imports from the U.S. valued at 91.5 billion euros. Despite these challenges, the U.S. remains a vital market for German goods, and efforts are underway to navigate these trade barriers effectively.