Economy in Saxony: Exports rise by a good 17 percent

In 2022, Saxon companies increased their exports to a record level. They increased their exports by 17% to 52.7 billion euros. The Saxony Economic Development Corporation (WFS) announced that the development was not only due to higher prices. China remained the most important export market with 8.7 billion euros, followed by the U.S. with 5 billion euros and the Czech Republic with 3.5 billion euros. One third of income was earned abroad. Most imports came from the Czech Republic (4.3 billion euros) and China (3.5 billion euros).

Despite difficult conditions, there were no slumps last year. The Minister of Economics, Martin Dulig, said that the economy was more resilient than many had assumed. Saxony, he said, was one of the most attractive countries to settle in and did not have to hide worldwide. Last year, he said, there were 16 relocations and expansions worth nearly 690 million euros, resulting in 1265 new jobs. Investors came from Germany, the United Kingdom, Finland, Australia and Japan.

Thomas Horn, managing director of the WFS, said that the broad mix of industries combined with the numerous research facilities made Saxony an attractive business location. Dulig said investors expected sufficiently large areas, highly qualified skilled workers and renewable energies. He said people are in international competition for labor and need an acceptance that people will come to them.

Business with Russia has almost come to a standstill, but Saxony is increasingly looking to Kazakhstan and Uzbekistan. Horn said Russia no longer plays a role in Saxony's foreign trade. Dulig plans trips to Mozambique and Namibia in June and Asia in the fall to expand contacts.

Economic Development Saxony GmbH