icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm
10 Feb, 2024 05:21

US set to overtake China as Germany’s top trade partner – data

Berlin has been exporting less to the Asian country in recent years, statistics have shown
US set to overtake China as Germany’s top trade partner – data

The US is on track to surpass China as Germany’s leading trade partner as soon as next year, Reuters reported this week, citing the German Chamber of Industry and Commerce (DIHK). China has held the top spot for the past seven years.   

German exports and imports to China together amounted to around €253 billion ($272 billion) last year, while the corresponding figure for the US was €252.3 billion ($271.9 billion), preliminary data from the German Federal Statistics Office showed.   

If the current trend persists the US will likely eclipse China as Germany’s top trade partner next year, according to DIHK.  

“At the moment there are no signs of a significant increase in demand for products made in Germany from China,” DIHK’s chief executive for foreign trade, Volker Treier, said.  

“The US economy is currently doing significantly better than in many other important sales markets for Germany, such as the countries in the EU,” he added.  

Meanwhile, German exports to the US are on the rise. In 2023, goods worth almost €158 billion ($170.2 billion) were sent across the Atlantic, boosting the share of the US in Germany’s total exports to around 10%, the outlet said.  

German exports to China dropped by almost 9% to roughly €97 billion ($104.5 billion) in 2023, as automobiles and chemical products posted a particularly noticeable decline. Imports from China, meanwhile, slumped by almost a fifth, to just under €156 billion ($168 billion) last year, the statistics showed.

For more stories on economy & finance visit RT's business section

Podcasts
0:00
28:2
0:00
29:53