Economic Indicators

US set to overtake China as Germany’s top trade partner -DIHK

2024.02.07 06:45


© Reuters. FILE PHOTO: Container ships at loading terminals are seen within the port of Hamburg, Germany, February 2, 2017. REUTERS/Fabian Bimmer/File Photo

BERLIN (Reuters) – The United States is set to overtake China as Germany’s most vital trade partner by 2025 on the newest if present traits proceed, in accordance to the pinnacle of overseas trade on the German Chamber of Industry and Commerce (DIHK).

German exports and imports to China collectively totalled round 253 billion euros ($272 billion) final yr, in accordance to calculations by Reuters based mostly on preliminary knowledge from the Federal Statistics Office.

That means China would stay the primary trade partner of Europe’s largest economic system for the eighth consecutive yr, however solely by a hair: Trade quantity with the U.S. was tallied at 252.3 billion euros.

Continuing development in German exports to the U.S. is the primary cause for the latter’s ascendance, with items price nearly 158 billion euros despatched throughout the Atlantic final yr, rising the U.S. share of Germany’s complete exports to round 10%.

“At the moment there are no signs of a significant increase in demand for products made in Germany from China,” the DIHK’s Volker Treier instructed Reuters in emailed feedback.

Deliveries to China fell by nearly 9% to roughly 97 billion euros, with automobiles and chemical merchandise notably down, whereas imports fell by nearly a fifth, to just below 156 billion euros.

German leaders have warned corporations of the dangers of relying too closely on China and urged them to diversify their enterprise away from what they refer to as the “partner, competitor and systemic rival”.

Since 2015, the United States has been a very powerful export marketplace for the German economic system, which has made huge direct investments there.

“The economy in the U.S. is currently doing significantly better than in many other important sales markets for the German economy, such as the countries in the EU,” mentioned Treier.

“Ultimately, German exports also benefit from the strength and attractiveness of the U.S. economy.”

($1 = 0.9289 euros)

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