Imports of goods from China to Germany, Europe’s largest economy, increased by 33.6 per cent year-on-year (YoY) to €191.1 billion ($204.4 billion) in 2022. On the other hand, German exports to China rose by 3.1 per cent to €106.8 billion, Destatis added.
China has retained its position as Germany’s top trading partner in 2022, according to the Federal Statistical Office (Destatis). This marks the seventh consecutive year that China has held this position. The US ranked second, followed by the Netherlands. Germany’s foreign trade balance was down by more than half from €175.3 billion in 2021 to €79.7 billion.
The continued strength of Germany’s economic ties with China suggests that the two countries remain committed to maintaining a close trading relationship, despite tensions in other areas such as human rights and security issues.
The German export surplus in 2022 was at its lowest level since 2000. Foreign trade balance was down by more than half from €175.3 billion in 2021 to €79.7 billion, one of the reasons being the sharp price increase for energy imports.
Fibre2Fashion News Desk (NB)