China stays Germany’s largest commerce companion in 2022

FRANKFURT: China was Germany’s largest buying and selling companion in 2022 for the seventh 12 months in a row, figures printed Thursday confirmed, as policymakers fear about financial over-reliance on Beijing.

Items value 297.9 billion euros ($318.9 billion) have been exchanged between the 2 nations final 12 months, up 20 p.c regardless of the persevering with influence of the coronavirus pandemic, in keeping with the federal statistics company Destatis.

Germany’s commerce deficit with China – the distinction between the bigger worth of imports and smaller exports – hit 84.3 billion euros, the biggest determine for the reason that statistics physique’s information started in 1950.

US commerce deficit widens in 2022 to document on robust imports

Imports from China rose to 191.1 billion euros in 2022, a rise of 33 p.c on the earlier 12 months.

In the meantime, the worth of exports largely stagnated, rising simply three p.c in 2022 to 106.8 billion euros.

The meagre determine noticed China slip two locations to fourth within the rating of export locations for German items.

Fears have been rising in Germany about an over-reliance on China towards the backdrop of tensions between the West and Beijing over its ties with Russia and human rights points.

“Germany urgently wants a method for extra diversification” away from China to safe provide of key uncooked supplies and items, significantly electronics, the German financial suppose tank IfW Kiel mentioned in a report printed Wednesday.

The US, Germany’s second most vital buying and selling companion general, was the primary vacation spot for gadgets “made in Germany”, sucking up 156 billion euros value of imports.

Total, Germany’s commerce surplus was at its lowest degree since 2000 in 2022. The vital indicator for the normal export powerhouse fell to 79.7 billion euros on a 12 months because of the rising price of vitality imports, in keeping with Destatis.