China last year became Germany’s most important trading partner for the first time, overtaking the US, which fell back to third place behind France, data released yesterday showed.
German imports from and exports to China last year rose to 170 billion euros (US$180.2 billion), German Federal Statistical Office figures showed.
The development is likely to be welcomed by the German government, which has made it a goal to safeguard global free trade after US President Donald Trump threatened to impose tariffs on imports and his top adviser on trade accused Germany of exploiting a weak euro to boost exports.
German Vice Chancellor Sigmar Gabriel has even suggested that the EU should refocus its economic policy toward Asia, should the Trump administration pursue protectionist policies.
“Given the protectionist plans of the new US president, one would expect that the trade ties between Germany and China will be further strengthened,” German trade association BGA said in response to the shift.
Neighboring France remained the second-most important business partner, with a combined trade volume of 167 billion euros. The US was third at 165 billion euros.
In 2015, the US became the top trading partner for Germany, overtaking France for the first time since 1961, thanks to an upturn in the US economy and a weaker euro.
Looking at exports alone, the US last year remained the biggest client for products “Made in Germany,” importing goods from Europe’s biggest economy worth about 107 billion euros.
France was the second-most important single export destination for German goods with a sum of 101 billion euros, the data showed. Britain came in third, importing German goods worth 86 billion euros.
Britain also accounted for the biggest bilateral trade surplus: Exports surpassed imports from Britain by more than 50 billion euros, the figures showed.
The US was second in bilateral trade deficit: German exports to the US surpassed imports from there by 49 billion euros.
This means that Britain and the US together accounted for roughly 40 percent of Germany’s record trade surplus of 252.9 billion euros last year.
The figures are likely to fuel the debate about Germany’s export performance, its trade surplus and global economic imbalances ahead of a meeting of G20 finance ministers and central bank governors in Baden-Baden, Germany, in the middle of next month.
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