## Company Profile Expeditors International GmbH (Germany) — German subsidiary of the global logistics and forwarding group Expeditors. Operates air, ocean and road freight forwarding out of Frankfurt/European hubs, provides customs clearance and brokerage, warehousing/contract logistics, supply‑chain visibility tools and project cargo services. Serves industrial clients (automotive suppliers, machinery and parts, chemicals, electronics and pharma) that export from Germany and import into the EU; acts as indirect customs representative for many SME and mid‑market shippers. Has a large international agent network and existing relationships at North‑European gateways (Hamburg, Rotterdam) and major airfreight lanes. ## Pain Points 1) CBAM & customs compliance burden (2026): German forwarders must track mass (tonnes) of CBAM‑covered HS codes per importer, verify embedded‑emissions data from suppliers, and ensure CBAM account links are correct in import declarations. Expeditors’ clients (steel, aluminium, chemical, intermediate goods and import‑dependent manufacturers) will need help collecting verified emissions data and avoiding declaration errors that cause penalties or clearance delays. 2) Volatile freight pricing & routing risk on Asia–Europe lanes (Red Sea diversions / longer round voyages) and air spikes: clients face higher, unpredictable spot rates and schedule unreliability for time‑sensitive parts; forwarders must rapidly model cost vs lead‑time tradeoffs and present credible alternative sourcing/delivery plans. 3) Trade flow shifts and commercial risk for exporters: 2025–26 directional changes (weaker exports to China; tariff disruption then partial US rebound after early‑2026 developments) mean German exporters need quick buyer/sourcing alternatives (new markets, origin diversification) and matched logistics solutions — Expeditors must advise on market access while avoiding over‑committing asset exposure. 4) Increased customs admin from de‑minimis changes (July 1, 2026) and ongoing CBAM system teething (2026 IT/process gaps) increase clearance volume and advisory workload — creating a margin squeeze unless compliance/automation and new revenue services are offered. ## Intel Summary === MULTI-DIMENSION RESEARCH === === 1. [MARKET EVENTS] – GERMAN EXPORT TRADE FLOW SHIFTS (AUTOMOTIVE / MACHINERY / CHEMICALS) === **Macro shift in partner mix (2025 data, visible in early‑2026):** - China again became Germany’s *most important overall trade partner* in 2025 with total trade (exports + imports) of **€251.8 bn**, overtaking the US which fell back to **€240.5 bn** in trade volume.([destatis.de](https://www.destatis.de/DE/Presse/Pressemitteilungen/2026/02/PD26_056_51.html?utm_source=openai)) - Germany’s overall trade surplus in 2025 was **€200.5 bn**, down **€42.4 bn** vs 2024, indicating weaker net exports.([destatis.de](https://www.destatis.de/DE/Presse/Pressemitteilungen/2026/02/PD26_056_51.html?utm_source=openai)) **Exports to the US vs China – directional changes:** - From Jan–Nov 2025, **German exports to the US fell 9.4% YoY**, largely due to US tariff hikes in 2025 targeting EU goods (especially industrial products).([destatis.de](https://www.destatis.de/DE/Presse/Pressemitteilungen/2026/01/PD26_N004_51.html?utm_source=openai)) - Bundesbank notes that in 2025, exports of **motor vehicles, machinery, and energy‑intensive intermediate goods (incl. chemicals, iron & steel)** were hit hardest by weaker external demand and tariff barriers.([publikationen.bundesbank.de](https://publikationen.bundesbank.de/publikationen-en/reports-studies/monthly-reports/german-balance-of-payments-in-2025--991186?utm_source=openai)) - China remains a key destination for German vehicles, machinery and electrical equipment, but Chinese domestic suppliers increasingly displace German auto exports; German auto makers benefit only “marginally” from Chinese passenger‑car demand.([publikationen.bundesbank.de](https://publikationen.bundesbank.de/publikationen-en/reports-studies/monthly-reports/german-balance-of-payments-in-2025--991186?utm_source=openai)) - Compared with 2022, **Chinese imports from Germany were about US$18.6 bn lower in 2025**, signalling structural erosion in German export volumes into China, especially in **automotive, chemicals and machinery**.([reddit.com](https://www.reddit.com/r/EconomyCharts/comments/1relsuj/the_current_state_of_germany_and_chinas_trade/?utm_source=openai)) **Sector detail – automotive, machinery, chemicals (directional, not HS‑line by HS‑line):** - In H1 2025, **motor vehicles and parts** remained Germany’s top export group; exports in these groups rose **3.6%** and **5.6%** respectively vs H1 2024, but this growth is regionally uneven: gains in some EU and Middle Eastern markets partly offset declines to the US and China.([verkehrsrundschau.de](https://www.verkehrsrundschau.de/nachrichten/transport-logistik/aussenhandel-deutsche-exporte-leicht-gesunken-3700666?utm_source=openai)) - Bundesbank highlights a **shift within automotive exports**: - **EV exports increased in 2025**, - **ICE‑only vehicle exports declined**, implying a composition shift within the same HS chapters rather than broad volume growth.([publikationen.bundesbank.de](https://publikationen.bundesbank.de/publikationen-en/reports-studies/monthly-reports/german-balance-of-payments-in-2025--991186?utm_source=openai)) - Exports of **iron & steel and chemical products** (energy‑intensive) saw a **“dip in volume”** in 2025, pressure coming from high EU energy costs, weaker Chinese demand, and trade uncertainty with the US.([publikationen.bundesbank.de](https://publikationen.bundesbank.de/publikationen-en/reports-studies/monthly-reports/german-balance-of-payments-in-2025--991186?utm_source=openai)) **Geographic pattern – EU / Turkey / third markets:** - Destatis data up to early‑2026 show that ~**55% of German exports** still go to EU partners and that **54.7% of export transactions with non‑EU partners in 2025 were denominated in EUR**, indicating continued tight integration with the EU single market.([destatis.de](https://www.destatis.de/DE/Themen/Wirtschaft/Aussenhandel/_inhalt.html?utm_source=openai)) - Publicly available 2026‑YTD breakdowns by destination (China, US, Turkey) are not yet fully released; early commentary from Bundesbank and IMF suggests: - US remains the **largest single-country destination** for German exports (~5% of GDP; vehicles and machinery dominate) despite 2025 tariff‑related declines.([publikationen.bundesbank.de](https://publikationen.bundesbank.de/publikationen-en/reports-studies/monthly-reports/german-balance-of-payments-in-2025--991186?utm_source=openai)) - Trade with Turkey is growing but still small vs US/China; it is largely machinery, vehicles and intermediate goods; quantitative 2026 volumes by sector are not yet published at official‑statistics level. (Inference based on IMF and Destatis partner tables; detailed 2026 commodity‑by‑partner data usually lag by several months.)([destatis.de](https://www.destatis.de/DE/Themen/Wirtschaft/Aussenhandel/_inhalt.html?utm_source=openai)) **Implications / working hypotheses for 2026 trade‑flow shifts:** - **China:** Ongoing share loss for German automotive and machinery exports as Chinese producers scale EVs, batteries, and capital goods; 2026 is likely to show *lower volumes or flat growth* vs 2022–23 levels for these HS chapters, even if nominal trade stabilises.([publikationen.bundesbank.de](https://publikationen.bundesbank.de/publikationen-en/reports-studies/monthly-reports/german-balance-of-payments-in-2025--991186?utm_source=openai)) - **US:** Removal of 2025 US–EU reciprocal tariffs in Feb 2026 (Supreme Court ruling) should support a **gradual rebound of German exports** of vehicles, machinery and some chemicals into 2026–27, from the **–9.4% YoY** trough seen in Jan–Nov 2025.([destatis.de](https://www.destatis.de/DE/Presse/Pressemitteilungen/2026/01/PD26_N004_51.html?utm_source=openai)) - **EU / intra‑Europe:** Still the anchor for German autos, machinery and chemicals; increasing CBAM and sustainability‑related regulation (see Dimension 3) may *tilt* some supply chains toward nearer‑EU destinations and away from carbon‑intensive long‑haul markets.([taxation-customs.ec.europa.eu](https://taxation-customs.ec.europa.eu/carbon-border-adjustment-mechanism_en?prefLang=bg&utm_source=openai)) - **Turkey & other non‑EU EMs:** Limited but growing as partial substitutes for lost US/China growth, especially for machinery and intermediate goods; quantitative HS2‑level confirmation for 2026 is not yet available but is consistent with IMF commentary on diversification.([imf.org](https://www.imf.org/-/media/files/publications/cr/2026/english/1deuea2026001.pdf?utm_source=openai)) **Data gap note:** As of May 26, 2026, granular **2026 calendar‑year** trade by partner + sector (HS level) has not yet been published by Destatis or UN Comtrade; analysis above uses **2025 realised data and early‑2026 policy shocks** to infer 2026 direction of change rather than precise export tonnages for autos/machinery/chemicals to China, US, EU, Turkey. **Sources (dimension 1):** ([destatis.de](https://www.destatis.de/DE/Presse/Pressemitteilungen/2026/02/PD26_056_51.html?utm_source=openai)) === 2. [DEMAND SIGNALS] – EUROPEAN CONTAINER & AIR FREIGHT RATES, Q1–Q2 2026 === **Ocean container – Asia–Europe and North Europe (Hamburg / Rotterdam relevant):** - S&P Global’s Q1 2026 “Containers Quarterly” reports: - Asia–North Europe spot rates (Platts PCR1, PCR11) at **≈US$2,700/FEU** in early Jan 2026, **up sharply** from late‑2025 lows due to pre‑Lunar New Year demand + general rate increases (GRIs).([spglobal.com](https://www.spglobal.com/energy/en/news-research/latest-news/shipping/010926-containers-quarterly-asia-europe-enters-2026-with-seasonal-firmness-structural-uncertainty?utm_source=openai)) - Red Sea diversion continues to **lengthen sailing times and absorb capacity**, keeping spot rates above pre‑crisis baselines despite weaker European consumer demand.([spglobal.com](https://www.spglobal.com/energy/en/news-research/latest-news/shipping/010926-containers-quarterly-asia-europe-enters-2026-with-seasonal-firmness-structural-uncertainty?utm_source=openai)) - Structural capacity: carriers have deployed additional tonnage via **Cape of Good Hope routings**, but effective capacity into **North Europe gateway ports (Rotterdam, Hamburg, Antwerp‑Bruges)** remains tight on some weeks due to longer round‑voyage times and schedule unreliability.([spglobal.com](https://www.spglobal.com/energy/en/news-research/latest-news/shipping/010926-containers-quarterly-asia-europe-enters-2026-with-seasonal-firmness-structural-uncertainty?utm_source=openai)) - Congestion: as of Q1–Q2 2026, no repeat of 2021‑22 style chronic congestion: - Terminals in Hamburg and Rotterdam are described as operating with **“manageable” or “episodic” congestion**, mostly linked to bunching from re‑routed Asia–Europe loops, not structural yard overflow.([spglobal.com](https://www.spglobal.com/energy/en/news-research/latest-news/shipping/010926-containers-quarterly-asia-europe-enters-2026-with-seasonal-firmness-structural-uncertainty?utm_source=openai)) **Spot rate direction Q1 → Q2 2026 (containers):** - After a firm January, Asia–Europe spot rates softened into late Q1 as: - post‑Lunar‑New‑Year demand eased, and - some vessels returned from blanked sailings. S&P describes **“seasonal firmness, structural uncertainty”**—i.e., structurally elevated floor versus 2019, but not a runaway spike.([spglobal.com](https://www.spglobal.com/energy/en/news-research/latest-news/shipping/010926-containers-quarterly-asia-europe-enters-2026-with-seasonal-firmness-structural-uncertainty?utm_source=openai)) - Internal brokerage and rate‑index commentary compiled in April–May 2026 (aggregated in S&P coverage) indicates: - Asia–North Europe spot down from Jan peak by **single‑digit %** into late Q1, - contract (long‑term) rates negotiated for 2026 remain **below 2022 peaks but above 2019–20 averages**, locking in some carrier pricing power.([spglobal.com](https://www.spglobal.com/energy/en/news-research/latest-news/shipping/010926-containers-quarterly-asia-europe-enters-2026-with-seasonal-firmness-structural-uncertainty?utm_source=openai)) **Air freight – Europe‑linked lanes, Q1–Q2 2026:** - An April 2026 “Air Freight Market Update Q2 2026” reports:([airfreightprice.com](https://airfreightprice.com/blog/air-freight-market-update-q2-2026/?utm_source=openai)) - Q1 2026 saw **capacity constraints and higher fuel costs**, pushing global air freight rates up. - Heading into Q2, **rates are stabilising**; on the **Asia–Europe corridor**, spot air rates are **~22% below their January 2026 highs**, though still above 2019 pre‑COVID levels. - IATA’s Q1 2026 Chartbook shows:([iata.org](https://www.iata.org/en/iata-repository/publications/economic-reports/quarterly-air-transport-chartbook-q1-2026/?utm_source=openai)) - Global cargo tonne‑kilometres (CTKs) are recovering gradually, with Europe both as origin and destination showing **mid‑single‑digit % growth YoY**. - Capacity (available cargo tonne‑kilometres, ACTKs) on European routes continues to expand with passenger belly capacity recovery, particularly to/from Spain, UK, and Italy (+5.6%, +2.4%, +6.7% seat capacity expected). This extra belly space puts **downward pressure on pure‑freighter yields**. **Demand signals for German / North‑European shippers:** - For **ocean freight** ex North Europe (Hamburg, Rotterdam): - Shippers are facing **higher but volatile spot rates** driven by geopolitical routing (Red Sea) rather than demand boom. - Capacity is *physically* adequate on most weeks but **effective capacity** is constrained by longer voyages; this supports carriers’ GRIs and keeps FAK spot in the **US$2,000–3,000/FEU** band for Asia–North Europe rather than returning to sub‑US$1,500 levels.([spglobal.com](https://www.spglobal.com/energy/en/news-research/latest-news/shipping/010926-containers-quarterly-asia-europe-enters-2026-with-seasonal-firmness-structural-uncertainty?utm_source=openai)) - For **air freight**: - The **Q1 spike then Q2 easing** suggests that 2026 contract renewals for time‑sensitive industrial exports (automotive spares, high‑value machinery parts, some chemicals/pharma) will be negotiated from a **lower peak** than January, but still elevated vs pre‑pandemic benchmarks.([airfreightprice.com](https://airfreightprice.com/blog/air-freight-market-update-q2-2026/?utm_source=openai)) - Overall, **no systemic port‑congestion constraint** is visible in 2026 so far; pricing power is more about: - geopolitics (Red Sea/Suez risk premiums), - fuel prices and ETS‑related costs on intra‑EU and EU outbound, than sheer terminal capacity at Hamburg/Rotterdam. **Sources (dimension 2):** ([spglobal.com](https://www.spglobal.com/energy/en/news-research/latest-news/shipping/010926-containers-quarterly-asia-europe-enters-2026-with-seasonal-firmness-structural-uncertainty?utm_source=openai)) === 3. [PROBLEM FRAMING] – EU TRADE REGULATIONS 2026: CBAM & CUSTOMS COMPLIANCE IMPACT ON GERMAN EXPORTERS/FORWARDERS === **Regulatory status – CBAM definitive phase (from Jan 1, 2026):** - The EU Carbon Border Adjustment Mechanism (CBAM) moved from transitional **report‑only** phase (Oct 2023–Dec 2025) to its **definitive phase on 1 January 2026** under Regulation (EU) 2023/956.([taxation-customs.ec.europa.eu](https://taxation-customs.ec.europa.eu/carbon-border-adjustment-mechanism_en?prefLang=bg&utm_source=openai)) - A **Council regulation adopted in late Sept 2025** simplified and strengthened CBAM, clarifying customs‑frontier procedures and transitional arrangements for importers awaiting CBAM registration.([consilium.europa.eu](https://www.consilium.europa.eu/en/press/press-releases/2025/09/29/cbam-council-signs-off-simplification-to-the-eu-carbon-leakage-instrument/pdf/?utm_source=openai)) **Core 2026 customs/compliance requirements (high‑level):** - From **1 Jan 2026**, EU importers (or their indirect customs representatives) of covered CBAM goods must:([taxation-customs.ec.europa.eu](https://taxation-customs.ec.europa.eu/carbon-border-adjustment-mechanism_en?prefLang=bg&utm_source=openai)) - Hold a **CBAM account number / authorization** as an *authorised CBAM declarant* if they exceed the mass‑based threshold (50 tonnes/year of CBAM goods). - Submit a **digital customs declaration** with correct CBAM document codes linking import declarations to CBAM accounts. - From 2027 onward (for 2026 imports), purchase and surrender **CBAM certificates** reflecting embedded emissions; part of the 2026 and 2027 CO₂ cost may “coalesce” due to timing of certificate pricing and surrender rules, raising cost risk for importers.([grantthornton.de](https://www.grantthornton.de/en/insights/2026/cbam-regulation-new-eu-obligations-co-costs-and-compliance-requirements-for-importers/?utm_source=openai)) **Scope of CBAM (relevant for German trade flows):** - CBAM initially covers imports into the EU of: iron & steel, aluminium, cement, fertilisers, electricity, hydrogen and some downstream products; discussion is ongoing about extension to additional products.([taxation-customs.ec.europa.eu](https://taxation-customs.ec.europa.eu/carbon-border-adjustment-mechanism_en?prefLang=bg&utm_source=openai)) - For **German exporters**, CBAM is *indirect* unless they are importing inputs: - German producers that **export** CBAM‑covered goods out of the EU are affected via the **loss of free EU ETS allowances** and potential lack of export rebates, which may erode competitiveness in third‑country markets.([clcouncil.org](https://clcouncil.org/wp-content/uploads/2026/04/A-Guide-to-the-EU-CBAM.pdf?utm_source=openai)) - Many German industrial exporters (steel, aluminium, chemicals, automotive components) also **import** CBAM‑covered intermediates (e.g., semi‑finished steel, aluminium from non‑EU suppliers). These imports now face CBAM compliance and cost, managed often via freight forwarders and customs brokers.([taxation-customs.ec.europa.eu](https://taxation-customs.ec.europa.eu/carbon-border-adjustment-mechanism_en?prefLang=bg&utm_source=openai)) **Practical customs‑frontier implications for German freight forwarders:** - The Commission’s **CBAM Compliance Essentials** and Germany‑specific guidance stress that from 2026:([taxation-customs.ec.europa.eu](https://taxation-customs.ec.europa.eu/carbon-border-adjustment-mechanism_en?prefLang=bg&utm_source=openai)) - **Indirect customs representatives** can no longer casually act for non‑EU importers of CBAM goods without checking whether the importer holds a CBAM account; liabilities and penalties can shift to the representative. - CBAM registration in Germany is executed **via the national Customs Portal**, integrated into EU’s central CBAM Register. - The **key quantitative trigger is mass (tonnes)** imported, not customs value or profit; forwarders must therefore track cumulative tonnage of CBAM‑covered HS codes per importer across the year to determine whether they cross the 50‑tonne threshold. - Advisory firms note that a significant share of detailed CBAM implementing acts and IT specifications were **only finalised in late 2025** but applied from Jan 1, 2026, creating a “regulation first, systems later” situation; many German importers and logistics providers are still adapting processes in H1 2026.([grantthornton.de](https://www.grantthornton.de/en/insights/2026/cbam-regulation-new-eu-obligations-co-costs-and-compliance-requirements-for-importers/?utm_source=openai)) **Interaction with other 2026 EU customs changes:** - Separately from CBAM, the **EU customs reform** removing the **€150 de‑minimis duty exemption for low‑value e‑commerce shipments** from **July 1, 2026** increases customs clearance volumes and compliance overhead for parcel / express operators and forwarders.([reddit.com](https://www.reddit.com/r/woo_shipping_help/comments/1t9rfbg/eu_customs_duty_changes_2026_what_ecommerce/?utm_source=openai)) - Trade agreements and political deals with the US in 2026 also include **commitments to avoid “undue impact” of CBAM and deforestation regulation (EUDR) on US exporters**, signalling potential fine‑tuning of CBAM flexibilities for some partners.([en.wikipedia.org](https://en.wikipedia.org/wiki/Agreement_on_Reciprocal%2C_Fair%2C_and_Balanced_Trade?utm_source=openai)) **Impact framing for German exporters (especially in energy‑intensive sectors):** - **Cost pass‑through & competitiveness:** - Import‑dependent value chains (e.g., German steel rerollers importing slabs, aluminium converters, fertiliser blenders) will see **higher landed costs** for non‑EU CBAM goods from 2026 onwards. Margins compress unless costs can be passed to EU customers.([grantthornton.de](https://www.grantthornton.de/en/insights/2026/cbam-regulation-new-eu-obligations-co-costs-and-compliance-requirements-for-importers/?utm_source=openai)) - For German exporters of energy‑intensive products competing in third markets (e.g., steel/chemicals exported to Turkey, MENA, Asia), CBAM (together with reduced ETS free allocation) may raise their cost base relative to non‑EU rivals—*without* a clear export rebate mechanism.([clcouncil.org](https://clcouncil.org/wp-content/uploads/2026/04/A-Guide-to-the-EU-CBAM.pdf?utm_source=openai)) - **Data and supplier management:** - EU importers increasingly require **verified embedded‑emissions data** from non‑EU suppliers to avoid punitive default values. This is propagated down the chain by freight forwarders asking shippers for emissions declarations and third‑party verification.([cbamguide.com](https://cbamguide.com/exporters/strategy/?utm_source=openai)) - **Operational risk for forwarders / customs brokers:** - Failure to link CBAM accounts correctly in customs declarations, mis‑classification of CBAM HS codes, or mis‑calculation of tonnage thresholds can lead to **administrative penalties and delayed clearances** at EU borders. Advisory notes flag this as a 2026 “hot risk” area.([grantthornton.de](https://www.grantthornton.de/en/insights/2026/cbam-regulation-new-eu-obligations-co-costs-and-compliance-requirements-for-importers/?utm_source=openai)) **Strategic responses emerging in 2026:** - Many German industrial exporters and freight intermediaries are:([cbamguide.com](https://cbamguide.com/exporters/strategy/?utm_source=openai)) - **Mapping CBAM exposure** at HS‑code and supplier level (by tonnes and origin). - Negotiating **cleaner‑origin sourcing** (e.g., shifting steel/aluminium imports from high‑carbon countries to lower‑carbon or EU suppliers) to reduce CBAM liabilities. - Building **emissions data systems** and verifier relationships in 2026 to be ready for full‑cycle CBAM reporting and certificate surrender. - Re‑designing logistics routing (e.g., centralising CBAM‑related imports through specific EU entry points with specialised compliance teams) to manage risk and costs. **Sources (dimension 3):** ([taxation-customs.ec.europa.eu](https://taxation-customs.ec.europa.eu/carbon-border-adjustment-mechanism_en?prefLang=bg&utm_source=openai)) Sources: • China im Jahr 2025 wieder wichtigster Handelspartner Deutschlands - Statistisches Bundesamt https://www.destatis.de/DE/Presse/Pressemitteilungen/2026/02/PD26_056_51.html?utm_source=openai • China im Jahr 2025 wieder wichtigster Handelspartner Deutschlands - Statistisches Bundesamt https://www.destatis.de/DE/Presse/Pressemitteilungen/2026/02/PD26_056_51.html?utm_source=openai • Exporte in die USA von Januar bis November 2025 um 9,4 % gegenüber Vorjahreszeitraum gesunken - Statistisches Bundesamt https://www.destatis.de/DE/Presse/Pressemitteilungen/2026/01/PD26_N004_51.html?utm_source=openai • German balance of payments in 2025 | Bundesbank publications https://publikationen.bundesbank.de/publikationen-en/reports-studies/monthly-reports/german-balance-of-payments-in-2025--991186?utm_source=openai • German balance of payments in 2025 | Bundesbank publications https://publikationen.bundesbank.de/publikationen-en/reports-studies/monthly-reports/german-balance-of-payments-in-2025--991186?utm_source=openai • The Current State of Germany and China's Trade Relationship https://www.reddit.com/r/EconomyCharts/comments/1relsuj/the_current_state_of_germany_and_chinas_trade/?utm_source=openai • Außenhandel: Deutsche Exporte leicht gesunken https://www.verkehrsrundschau.de/nachrichten/transport-logistik/aussenhandel-deutsche-exporte-leicht-gesunken-3700666?utm_source=openai • German balance of payments in 2025 | Bundesbank publications https://publikationen.bundesbank.de/publikationen-en/reports-studies/monthly-reports/german-balance-of-payments-in-2025--991186?utm_source=openai • German balance of payments in 2025 | Bundesbank publications https://publikationen.bundesbank.de/publikationen-en/reports-studies/monthly-reports/german-balance-of-payments-in-2025--991186?utm_source=openai • Aktuelle Daten zum deutschen Außenhandel - Statistisches Bundesamt https://www.destatis.de/DE/Themen/Wirtschaft/Aussenhandel/_inhalt.html?utm_source=openai • German balance of payments in 2025 | Bundesbank publications https://publikationen.bundesbank.de/publikationen-en/reports-studies/monthly-reports/german-balance-of-payments-in-2025--991186?utm_source=openai • German balance of payments in 2025 | Bundesbank publications https://publikationen.bundesbank.de/publikationen-en/reports-studies/monthly-reports/german-balance-of-payments-in-2025--991186?utm_source=openai • Exporte in die USA von Januar bis November 2025 um 9,4 % gegenüber Vorjahreszeitraum gesunken - Statistisches Bundesamt https://www.destatis.de/DE/Presse/Pressemitteilungen/2026/01/PD26_N004_51.html?utm_source=openai • Carbon Border Adjustment Mechanism - Taxation and Customs Union https://taxation-customs.ec.europa.eu/carbon-border-adjustment-mechanism_en?prefLang=bg&utm_source=openai • IMF Country Report No. 26/36 https://www.imf.org/-/media/files/publications/cr/2026/english/1deuea2026001.pdf?utm_source=openai • China im Jahr 2025 wieder wichtigster Handelspartner Deutschlands - 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