A shift in positions in trade relations.

Official figures from the German Statistical Office indicate that the United States has surpassed China to become Germany's most important trading partner in the first quarter of 2024. Specifically, total bilateral trade between Germany and the US reached €63 billion ($68 billion), while the figure with China was just under €60 billion.

Long Beach cargo port in California, USA

In 2023, China was Germany's largest trading partner for the eighth consecutive year, with total trade reaching €253 billion, only a few hundred million euros more than the United States. Explaining this shift, economist Vincent Stamer of Commerzbank stated: "German exports to the US have increased further due to the strong growth of the world's largest economy, while both exports and imports from China have decreased."

According to expert Juergen Matthes of the German Institute for Economic Research (IW), China's imports into Germany in the first quarter of this year fell by nearly 12% compared to the same period last year. The US now accounts for about 10% of Germany's export market share, while China's share has fallen below 6%.

According to CNBC, Carsten Brzeski, head of global macro research at ING Research, believes this shift is the result of several factors: strong growth in the US has boosted demand for German products, weaker domestic demand in China, and China's ability to manufacture goods it previously imported from Germany (primarily cars) has reduced German exports to China.

Holger Schmieding, chief economist at Berenberg Bank, noted that the US has long been a larger export market for Germany than China. Furthermore, rising tensions between the European Union and China, with both sides investigating each other's trade practices and threatening to impose tariffs on imports, are also impacting German-Chinese trade.

A survey by the German economic institute Ifo shows that the number of companies dependent on China has decreased from 46% in February 2022 to 37% in February 2024. This is related to the fact that German companies, along with many other large companies globally, are increasing the diversification of their supply chains in the aftermath of the Covid-19 pandemic.

KHANH MINH

Source: https://www.sggp.org.vn/doi-vi-tri-trong-quan-he-thuong-mai-post739322.html