BERLIN: China is losing importance as a market for German exporters, with data showing a steady decline in its share of total exports, a trend set to continue as Berlin and Beijing rethink their economic ties. Despite hopes of a trade boost after Beijing lifted pandemic restrictions, exports to China made
"For some years now, euro zone exports to China have no longer been growing faster than overall exports, and recently they have even been somewhat weaker, which has weighed more heavily on Germany's manufacturing sector than on that of its peers," Commerzbank's chief economist Joerg Kraemer said.
Carsten Brzeski, global head of macro at ING, said it was too early to speak of the end of the China boom, since the Chinese economy could yet recover and the US economy cool, changing trade dynamics. Germany exported goods worth €791.5 billion in the first half of the year, posting a 3.2 per cent increase compared with the same period last year.A breakdown by destination shows Germany exported €78 billion in goods to the United States in the first half of 2023, a 4.8 per cent increase on the year, while China received exports from Germany to the value of €49.4 billion, a 8.4 per cent decline.
"At the same time, however, Germany's import dependence on China remains high as the energy transition is currently impossible without Chinese raw materials or solar panels," he said.
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