US replaces China as Germany's No. 1 trading partner in first half of year
The USA have overtaken China as Germany's most important trading partner in the first half of the year. The trade exchange with the world's largest economy totaled around 127 billion euros from January to June, while exports and imports with the People's Republic amounted to just under 122 billion euros. This is according to calculations by the Reuters news agency based on preliminary data from the Federal Statistical Office.
In 2023, the People's Republic remained the number one with a trade volume of around 253 billion euros for the eighth year in a row - but only with a lead of a few hundred million euros over the USA.
"The USA have now overtaken China in the first half of the year in terms of total trade volume, i.e. the sum of imports and exports," said Lola Machleid, an external trade expert at the German Chamber of Industry and Commerce (DIHK), to Reuters. "This is due to the robust US economy until recently, which has increased exports to the United States."
Overall, German exports to the USA grew by 3.3 percent to almost 81 billion euros in the first six months of the year. On the other hand, trade with China shrank by almost three percent to around 48 billion euros.
Imports from the People's Republic fell by almost eight percent to 73.5 billion euros. The persistent economic weakness in Germany, consumer restraint, and the desire for greater diversification of supply chains in industry have contributed to this, said Machleid. Imports from the USA, on the other hand, fell by only 3.4 percent to 46.1 billion euros - supported by the delivery of energy raw materials such as liquefied natural gas, said the expert.
Despite the shift in Germany's most important trading partner during the first half of the year, China continued to hold the top spot in overall annual trade volume in 2023, albeit narrowly, with a trade volume of approximately 253 billion euros.
Despite the USA surpassing China in trade volume during the first half of the year, China remains a significant trading partner for Germany, with imports from China amounting to around 48 billion euros in the first half of the year.
