U.S. Replaces China as Germany's Largest Trading Partner

tendata blogTrade Trends News

ten data blog17-05-2024

The United States replaced China as Germany's most important trading partner in the first quarter of this year.


Between January and March, Germany's trade with the US (exports and imports combined) totaled 63 billion euros ($68 billion), while China's trade amounted to just under 60 billion euros, the data showed.


In 2023, China became Germany's largest trading partner for the eighth consecutive year, with a trade volume of €253 billion, albeit only a few hundred million euros ahead of the United States


Explaining the change in the first quarter, Commerzbank economist Vincent Stamer said, “German exports to the United States increased further due to the strong U.S. economy, while both exports and imports to China declined.”


Structural reasons were also a factor, he said. “China has moved up the value chain ladder and is increasingly producing more complex goods on its own, which used to be imported from Germany,” Starmer said. “In addition, German companies are increasingly producing locally rather than exporting goods from Germany to China.”


Germany has expressed a desire to reduce investment in China, citing political differences and accusing Beijing of “unfair practices” in a China strategy statement first released last year. But Berlin has been vague on policy measures to reduce its dependence.


trading partner,largest trading partner,important trading partner


Germany's imports of goods from China fell nearly 12 percent year-on-year in the first quarter, while exports of goods to China fell slightly more than 1 percent, said Juergen Matthes of the German Institute for Economic Research IW. Matthes said, “The fact that the Chinese economy is performing worse than many expected, while the U.S. economy is exceeding expectations, may be one of the reasons for this situation.”


Currently, the U.S. accounts for about 10 percent of Germany's merchandise exports. China's share has fallen to less than 6 percent, Matthes said.


He added: “As the German economic model faces clear global economic headwinds, a geopolitically motivated repositioning seems to be taking place: away from system rival China and towards transatlantic partner the US.”


But it is unclear whether this will continue.




Would You like to Know Who Germany's Other Trading Partners Are?

Tendata provides you with a search for other important trading partners of Germany. All you need to do is open the Tendata iTrader, select Germany and filter for import or export to easily find trading partners in Germany.

>>Know More About Germany Trading Partners<<

trading partner,largest trading partner,important trading partner


Tendata iTrader aggregates trade data from 218 countries and detailed information on over 130 million import-export enterprises worldwide.

With a daily provision of 10 billion trade records, Tendata swiftly offers contact details of over 700 million top-level executives and decision-makers of import-export enterprises through intelligent filtering, including email addresses, phone numbers, social media profiles, and more. Additionally, we synchronize company profiles, product images, and website links, while providing 19 types of visual reports to assist foreign trade enterprises in precise market positioning and in-depth market analysis, helping you quickly locate the precise purchasers and suppliers you need.

(>>Check the Official Shanghai Tendata Website for More Details <<)

trade data,business data,customs data



Leave Message for Demo Request or Questions

We always appreciate your visit at tendata.com. We'd love to hear your suggestions, feedback & queries. Please contact us to schedule a demo or learn more about our services. We will respond to your query within 1 working day.
  • Full company name please

  • 输入您的手机号

  • 输入您的邮箱

  • Fill in the code please

More Popular Blogs

These related articles may also be of interest to you

Geting Price

Global Trade Data Leader
Get Pricing
Demo
Free Demo
'Target Customer
'Acquisition & Intelligent
'Decision-Making
'Global Trade Marketing Intelligent
'Decision-Making SaaS Platform

Welcome Tendata · iTrader

Please fill in the infos to get free demo

  • *

    Enter your name please

  • *

    Full company name please

  • *

    输入您的邮箱

  • *

    输入您的手机号

  • *

    输入验证码

  • Read and agree to Service Agreement and Privacy Policy

中文