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Opening of entry to the US relieves economic pressure from Germany
The population protected with the preventive vaccine for Covid-19 of the European Union (EU) that undergoes additional tests in prevention of contamination, will be allowed to enter the United States as of Monday (11/08/2021), after eighteen months of lockdown.
"For the German economy, the US is the main foreign income zone, as well as the main product market and, at the same time, the third-largest goods exchange partner for Berlin," Chief Volker Treier told DW foreign exchange of the Association of Chambers of Industry and Commerce of Germany (DIHK).
Washington lifted the entry ban and numerous German organizations breathe with relief
Due to this situation experts and architects suffered great economic damages. Major orders for organizations in the two nations could not be finalized, according to Treier.
"Our most recent reviews show that 73% of German organizations in North America have been affected by movement limitations, inventory network problems or coordination problems due to the COVID-19 pandemic," said the DIHK director.
About 35% of German organizations in the US detailed that they had needed to abandon or delay their interests in 2021 due to limitations caused by the pandemic. With the opening of the crossing, the capacity of the German-American commercial relations could be used again to a great extent, said Treier.
According to DIHK, more than 5,500 German organizations have their own branches in the US, employ around 900,000 specialists there, and create a turnover of about $532 billion.
The respective exchange volume, which currently stands at around €171.5 billion, incorporates German products worth €103.8 billion. More than 8% of every German product, mostly in the areas of automotive, synthetics, gadgets and mechanical design, goes to the United States.
The entry lockdown has cost organizations in both nations a lot of money
Experts estimate that the US shutdown has inflicted a loss on German companies in the double digits of a billion.
"Finally, the US shutdown is lifted. This implies that business trips between Europe and the US are back to normal and are leaving the pandemic," Ulrich Ackermann, Foreign Goods Exchange Expert, told DW with the German Engineering Federation (VDMA).
In general, the situation at hand has prevented many mechanical design organizations from working in the US market as they would have liked. Delegates from German and European organizations have not been allowed to visit their own assistants or participate in major exchange fairs in the United States.
Wolfgang Niedermark, an individual on the board of directors of the Federation of German Industries (BDI), told AFP's news office that after the end of the United States passage limitations from November, the ongoing delays, transportation and vital businesses "will ideally be a relic of times gone by."
And he focused on that it is in light of a legitimate concern for both Germany and the United States to catch up with accumulated requests and speculations and return to the pre-pandemic financial advance as soon as time permits.
The United States is the largest economic pillar for Germany
With a share of 8.6% of German products, the United States remained Germany's most significant deal market in 2020, only followed firmly by China with 8%, according to the distribution of Information on German Foreign Trade of the Federal Ministry of Economy.
As this information indicates, China ranks first with 11.4% in 2020, while the United States ranks third, behind the Netherlands, with 6.6%.
Following the lifting of the pandemic-related shutdown for EU residents who have been vaccinated and tested negative, planes also anticipate strong interest, suppressed for both business travel and the tourism industry.
Ultimately, the North Atlantic market is of colossal importance to Lufthansa and its rivals.
