Well-known Chinese news site NetEase (NASDAQ: NTES) reported that, according to calculations based on official data from the German Federal Statistics Office, the United States surpassed China to become Germany’s largest trading partner during the first quarter of this year. Data show that from January to March, the trade volume between Germany and the United States – exports and imports combined – reached 63 billion euros. Meanwhile, the trade volume between Germany and China during the same period was slightly less than 60 billion euros.
In the first quarter, Germany’s imports from China fell by nearly 12 percent year-on-year, while its exports to China fell by just over one percent. Currently, the United States accounts for about 10 percent of German merchandise exports. China’s share of merchandise exports has dropped to less than six percent.
Vincent Stamer, an economist at Commerzbank, explained that “German exports to the United States are rising mainly due to the strong U.S. economy.” Juergen Matthes, economist at the German Institute for Economic Research (IW) said, “China’s economy performed worse than many expected, while the U.S. economy beat expectations.”
In 2023, China maintained its status as Germany’s largest trading partner for the eighth consecutive year, with total China-German trade reaching 253 billion euros. Meanwhile, US-German trade totaled more than 252 billion euros in 2023.
Source: NetEase, May 9, 2024
https://www.163.com/dy/article/J1P0UH7A05566Z8K.html