Germany is an export behemoth. It is the third-biggest exporter in the world, behind China in first and narrowly behind the United States in second place. Germany is heavily exposed to the trade headwinds which have beset the global economy in recent years. The energy crisis is the latest, and there are fears it could fatally undermine German exporters. Trade wars and increasing tension between the West and China, the supply shocks of the COVID pandemic and most recently, the war in Ukraine, have all upended the order upon which much of Germany’s recent prosperity has been based. Is the energy crisis the final nail in Germany’s export-dependent economic model?

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