German exports outside the EU are falling

🇩🇪 German exports outside the EU are falling - China is reducing its purchases of German goods.

"Exports from Germany to countries outside the EU have sharply declined," Die Zeit reports, "especially China has recently imported fewer goods Made in Germany." For example, in May 2024, China imported 14% less goods from Germany compared to May 2023. In monetary terms, German exports to China have dropped to €7.5 billion.

There are several reasons for the trend of declining exports to China, such as: "the People's Republic now produces high-quality goods itself that were previously imported from Germany." In addition, German companies are increasingly shifting production directly to China, and "political tensions, such as the dispute over Taiwan, which China claims, may further intensify this trend."

As a result of the negative trade trend, China has ceased to be "Germany's most important trading partner" for the first time in 8 years. The top spot among buyers of German goods is now held by the United States. "Considering the strong trade tensions between the People's Republic and the EU."

Overall, German exports in May 2024 decreased by 6.4%. The most important partners of Germany outside the EU in descending order are the United States.

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