• 15/06/2024 21:55

US overtakes China to become Germany's top trading partner – Reuters

The United States overtook China as Germany's most important trading partner in the first quarter of this year, according to Reuters calculations based on official data from the German statistical office.

The United States has overtaken China to become Germany's main trading partner — ►</i> <i>Read</i> <i>page</i> <i>“Ministry of Finance” on Facebook: main financial news</i></p>
<p>German trade from the USA (export and imports together) amounted to 63 billion euros from January to March, while China's figure was just under 60 billion euros.</p>
<p>In 2023, China was Germany's top trading partner for the eighth year with a volume of 253 billion euros, although this the figure was only a few hundred million ahead of the US.</p>
<p>“German exports to the US have now increased even more thanks to the strong economy there, while both exports to China and imports from China have fallen,” said Commerzbank economist Vincent Stamer , explaining the changes in the first quarter.</p>
<p>According to him, among the reasons for this is that China is increasingly producing more complex goods that it previously imported from Germany.</p>
<p>In addition, German companies increasingly produce goods locally and do not export goods from Germany to China.</p>
<h3>Import and export</h3>
<p>In the first quarter of 2024, German imports of goods from China fell by almost 12% compared to the same period last year. Exports of goods to China fell just over 1%, said Jürgen Matthes of the German economic institute IW.</p>
<p>The United States now accounts for about 10% of German goods exports. China's share fell to less than 6%.</p>
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