U. S. is the main buyer of German products
2023.02.01 02:08
U. S. is the main buyer of German products
By Ray Johnson
Budrigannews.com – For the eighth year in a row, the United States of America remained the most important destination for German exports in 2022.
Reuters calculations based on preliminary data from the German statistics office indicate that goods exports reached a record high of 156 billion euros (169.31 billion dollars) in 2017.
In 2022, German exports to the United States topped the previous record of 122 billion euros.
According to Melanie Vogelbach, managing director of international economic policy at the German Chamber of Commerce and Industry (DIHK), on Wednesday, “The United States has been the most important export market for German companies since 2015.”
The United States received the bulk of German exports in the form of machinery, automobiles, and automotive parts. According to Vogelbach, German exporters have benefited from supply chain bottlenecks being eased and the robust growth of the U.S. economy in the second half of last year.
The Kiel Institute for the World Economy (IfW) says that, in contrast, the significant depreciation of the euro against the dollar, which makes goods cheaper overseas, did little to increase export volumes. According to Klaus-Juergen Gern of the IfW, this was because the currencies of rival exporting nations were also weak.
The IfW and the DIHK both make the assumption that the United States will continue to be Germany’s primary customer for the foreseeable future.
