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China gave way to the United States as Germany's main trading partner

Mai, 17 2024
watermark Economic news

In the first quarter of 2024, China gave way to the United States as Germany's main trading partner, according to a report by the Federal Statistical Office of Germany (Destatis).


During this period, Germany reduced exports to China by 1.1% compared to the same period last year – to 24 billion euros. The volume of German imports from China decreased by 11.7% to 36 billion euros. 


China accounted for 10.9% of the country's total imports in January-March. More than 25% of electric vehicles imported to Germany were supplied from China, Destatis notes.


The total volume of German foreign trade with China (exports + imports) in the last quarter amounted to 60 billion euros, which is less than with the United States (63.2 billion euros).


China has long been Germany's largest trading partner, and by the end of 2023, Germany's foreign trade with China was slightly higher than with the United States.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.