Based on data from the German Emigration and Remigration Panel Study (GERPS), the article examines the extent and the consequen­ces of international migration of German workers. The results show that there are hardly any permanent losses, but that the emigration of German skilled workers abroad is often a temporary phenomenon. The vast majority of emigrants return after a few years. This circular migration is often accompanied by improved working conditions (salary, promotion opportunities, autonomy) both abroad and after returning to Germany. It can be assumed that the returnees bring new knowledge and skills back to Germany, not least to the benefit of companies. However, there is a net loss of workers overall, which varies for individual occupational groups. Nevertheless, measured against the total volume of these occupational groups, this loss is of minor importance. In future, research and political interest should focus more on the emigration of foreign skilled workers, which is likely to be much more significant in quantitative terms.