Hamburg's export economy exhibits strong growth midway through 2023
Hamburg's economy has experienced a significant boost in the first half of 2023, with exports reaching €26.7 billion, an increase of 12.4% compared to the same period last year. This growth was largely driven by the aerospace industry, according to Economics Senator Melanie Leonhard.
The leading aerospace companies in Hamburg, contributing to this export growth, include Safran, with its subsidiaries Safran Helicopter Engines, Safran Electrical & Power, and Safran Nacelles. These companies are heavily involved in engine production, maintenance, and engineering services, closely linked to Airbus. ACM Aerospace, which recently relocated its German site to Hamburg, also plays a crucial role in the aviation cluster, focusing on cabin interiors and freight containers. SACS Aerospace, serving major aircraft manufacturers such as Airbus, Boeing, and Bombardier, is another key player.
The strong increase in exports in the aerospace industry was decisive, with a growth of 30.6% to €11.6 billion. Exports of machinery also increased by 28.7% to around €1.3 billion. However, exports of semi-finished goods fell by 16% to €4.6 billion, with the development of mineral oil products being the reason for this decline.
Imports remained at a steady level, with a growth of 0.1% and a total value of €38 billion. There were significant increases in imports from Asia and Africa, but no specific figures were provided.
The largest buyers of goods from Hamburg were China, the USA, India, France, and Turkey. The North German tourism economy is also on an upswing, although no new facts about this sector were provided.
Senator Leonhard stated that Hamburg's companies are internationally competitive and their goods are in high demand, especially the innovative products of the aerospace industry. The city is making efforts to position itself more broadly internationally. Statistics North is a source of information for these facts. The survey indicates a slight improvement in sentiment within the maritime economy, but no new facts about this were provided.
Overall, Hamburg's economy is showing promising signs of growth, particularly in the aerospace industry, which is contributing significantly to the city's export numbers. The city's efforts to position itself more broadly internationally, coupled with the competitive edge of its companies, bode well for its continued success.
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