China Germany’s top trading partner in ’16
February 24 2017 10:17 PM
GERMANY
A visitor gets out of a new BMW i8 plug-in hybrid sports car during the Auto China 2016 in Beijing. German imports from and exports to China rose to €170bn ($180bn) last year, Federal Statistics Office figures showed yesterday.

Reuters/Berlin

China for the first time became Germany’s most important trading partner in 2016, overtaking the United States, which fell back to third place behind France, data showed yesterday.
German imports from and exports to China rose to €170bn ($180bn) last year, Federal Statistics Office figures reviewed by Reuters showed.
The development is good news for the German government, which has made it a goal to safeguard global free trade after US President Donald Trump threatened to impose tariffs on imports and his top adviser on trade accused Germany of exploiting a weak euro to boost exports.
German Vice Chancellor Sigmar Gabriel has suggested that the European Union should refocus its economic policy towards Asia, should the Trump administration pursue protectionism.
“Given the protectionist plans of the new US president one would expect that the trade ties between Germany and China will be further strengthened,” said Anton Boerner, head of the BGA trade association.
The main reason for the reduced trade volume with the US was a drop in American exports to Germany, Boerner added.
Neighbouring France remained the second-most important business partner with a combined trade volume of €167bn.
The United States came in third with €165bn.
In 2015, the United States had climbed to the top of the list of Germany’s most important trading partners, overtaking France for the first time since 1961.
Separately, Germany’s Committee on Eastern European Economic Relations said yesterday it expected exports to Russia will probably rise at least 5% this year, their first increase in years given Western sanctions.
“Optimism among German exporters is rising further,” said Clemens Fuest, head of the Ifo economic institute.
He said export expectations increased in February, pointing to overall strong trade figures in the first quarter of 2017.
Looking at exports alone, the United States remained the biggest client for products “Made in Germany” in 2016, importing goods from Europe’s biggest economy worth some €107bn. France remained the second-most important single export destination for German goods with a sum of €101bn, the data showed.
Britain came in third, importing German goods worth €86bn.
Britain accounted also for the biggest bi-lateral trade surplus: Exports surpassed imports from Britain by more than €50bn, the figures showed.
The United States came in second with a bi-lateral trade deficit: German exports to the US surpassed imports from there by €49bn.
This means that Britain and the US together accounted for roughly 40% of Germany’s record trade surplus of €252.9bn in 2016.
The figures are likely to fuel the debate about Germany’s export performance, its trade surplus and global economic imbalances ahead of a meeting of G20 finance ministers and central bank governors in Baden-Baden mid-March.




There are no comments.

LEAVE A COMMENT Your email address will not be published. Required fields are marked*
MORE NEWS