China remains Germany's top trade partner; US close behind

14 Feb '24

1 min read

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Insights

China remains Germany's leading trading partner for the 8th year, with a trade volume of €253.1 billion in 2023, slightly edging out US at €252.3 billion.
Despite China's dominance, the trade gap between the two decreased significantly to just €0.7 billion from €50.1 billion in 2022.
However, Germany experienced a 15.5 per cent decline in trade with China.

China has maintained its position as Germany's most crucial trading partner for the eighth consecutive year, according to data released by the Federal Statistical Office (Destatis). In 2023, China accounted for a foreign trade volume of €253.1 billion, narrowly surpassing the United States, whose trade volume stood at €252.3 billion. Remarkably, despite China's continued dominance, the difference in trade volume between the two nations was merely €0.7 billion, a significant shift from the €50.1 billion gap observed in 2022.

The latest figures reveal a notable downturn in Germany's trade with China, with a 15.5 per cent decline compared to the previous year. In contrast, trade with the United States experienced a modest growth of 1.1 per cent over the same period. The substantial deficit of €58.4 billion recorded in Germany's trade with China is in complete contrast with the export surplus of €63.5 billion in trade with the United States, as per Destatis data.

Despite these challenges, Germany's trade relationship with the Netherlands remained resilient, with the country retaining its position as Germany's third most important trading partner, albeit with a slight decrease of 5.5 per cent in combined export and import values, amounting to €214.8 billion.

Fibre2Fashion News Desk (KD)

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