Germany's East hopes for improvement

After a noticeable recovery in summer and fall, the economy in the eastern region of Germany has been hit hard by the second wave of Covid 19. Stefan Kunze, Head of Port of Hamburg Representative Office in Dresden says, that the region now hopes for improvement.

In Thuringia and Saxony, incidence levels were temporary significantly higher than the national average. With the current decline of infections, it is hoped that the lockdown will be eased. This could help the consumer sector to recover and goods imports to pick up.

The manufacturing sector as well as online trade is proving to be quite robust, which is reflected in hinterland traffic with the Port of Hamburg. The decline of the first quarter were largely compensated during the course of the year.

Exporters are concerned about the current situation with overseas containers: iInsufficient availability of containers, high ship utilization and very high sea freight rates are worsening the exportability of goods. Some goods, such as wood and wood products, are currently hardly exportable at all, as the low cargo value can no longer support the freight rates. New hope is being placed in the consolidation of departures by shipping companies.