Increase in German exports directed towards India has been observed.
There was a significant boost in German exports to India in September. The Federal Statistical Office reported on Wednesday that businesses shipped goods valued at 1.6 billion euros, which is a 29.4% increase from the same period the previous year.
This increase is part of a larger trend. From 2013 to 2023, exports to India have skyrocketed by 80%. Last year, China ranked 23rd among Germany's most significant trading partners. The primary export items to India included German-made machinery, vehicles, chemical products, data processing equipment, and electrical equipment. On the other hand, India mainly imported machinery, clothing, chemical, and pharmaceutical products.
However, from January to August 2024, exports to India decressed by approximately 6.6% compared to the previous year.
Top German economic officials will gather in New Delhi from Thursday to Saturday for the Asia-Pacific Conference. Their agenda includes exploring new business opportunities in India, which is projected to rank third globally by the end of the decade, surpassing Germany and Japan. India's projected economic growth could potentially lessen Germany's reliance on China. In a recent interview with Reuters, DIHK Foreign Trade Chief Volker Treier stated, "If de-risking China is to be successful, India is the key - due to the size of the market and the economic vigor in the nation."
The European Union's Economic and Social Committee's The Commission expressed its support for strengthening economic ties between Germany and India during the Asia-Pacific Conference. This strategic partnership could help mitigate Germany's dependence on China, as India is projected to become one of the world's top three economies by the end of the decade.
