This study provides a systematic overview of the development of Hamburg’s foreign trade before and during the Covid-19 pandemic. Further developments since Russia’s attack on Ukraine are also presented. Not only is the development of exports examined, but the development of imports is also explicitly considered. The study also reveals which political risks Hamburg’s foreign trade is exposed to on the export and import side and how these risks have changed since the outbreak of the Covid-19 pandemic. Finally, the study provides an empirical analysis of how various import shocks would affect the Hamburg economy.