Prices at the Pumps - May 8, 2024 #saltwire #pricesatthepumps #gaspricesBERLIN - The United States overtook China as Germany's most important trading partner in the first quarter of this year, according to Reuters' calculations based on official data from the German statistics office.
"German exports to the U.S. have now risen further due to the robust economy there, while both exports to and imports from China have fallen," said Commerzbank economist Vincent Stamer, explaining the first quarter shift."China has moved up the value chain ladder and is increasingly producing more complex goods itself, which it used to import from Germany," said Stamer.
German imports of goods from China fell almost 12% year-on-year in the first quarter, while exports of goods to China fell just over 1%, said Juergen Matthes, from German economic institute IW. The U.S. now accounts for around 10% of German goods exports. China's share has fallen to less than 6%, Matthes said.