Current topics

Trade between Germany and the 29 states of Central and Eastern Europe (CEE) increased by 16% (approximately 460 billion euros) in 2022, compared to the previous year. Of this increased total, trade with Poland, Slovakia, the Czech Republic, Hungary, and the Baltic states accounted for approximately 285 billion euros. For decades, CEE countries and Germany have been mutually important trade partners.

Energy, raw materials, and intermediate products make up a noteworthy proportion of imports from CEE countries. Higher prices for these imports led to an increase in their value of 19% (approximately 216 billion euros). Concomitantly, German exports to CEE countries rose in value by 9.2% (approximately 205 billion euros) by the end of 2022.

Ukraine, as one of the CEE states, remains in a difficult economic situation as a result of the massive damage and costs brought about by the war. Its GDP shrunk by approximately 35% in 2022.

Fortunately, according to the Vienna Institute for International Economic Studies, trade between Germany and Ukraine has remained stable despite the effects of war. By the end of 2022, the total value of goods exchanged had fallen by less than 10%, with imports (from Ukraine?) even more resilient and falling by less than 3%. There is an unfaltering willingness among German companies to support the reconstruction of Ukraine.

In this context, we were delighted to be commissioned by a German company, a global market leader exporting technical consumer goods from Hesse, to find a CFO for their plant in western Ukraine. Despite the war, the company has long-term plans for the location and foresees further investments. The response to our search has been surprisingly positive! Many interviewees share our client’s confidence that Ukraine and Germany will remain important partners in the long term.

According to the EU Commission’s macroeconomic forecast, in 2023 Ukraine could experience economic growth of 5.5%. The outlook for Slovakia, Hungary, and Poland, with 7.5%, 5.5%, and 4.0% economic growth respectively, is further cause for optimism.

etec has more than 20 years of experience filling leadership positions in CEE countries. We look forward to addressing any questions you may have and initiating a mutually rewarding partnership. We are here for you!