United States Surpasses China as Germany’s Largest Trading Partner
In the first half of 2024, the United States has overtaken China to become Germany’s largest trading partner, as reported by the Federal Statistical Office (Destatis) on Thursday. This shift occurs amid Berlin’s efforts to decrease its reliance on Beijing, according to preliminary data analyzed by Reuters.
During the first six months of this year, the total trade between Germany and the U.S. reached approximately 127 billion euros (139 billion dollars), while trade with China amounted to 122 billion euros, based on calculations from Destatis data.
Trend Shift in Trade Relations
The U.S. had already surpassed China in the first quarter of 2024, following a year in which China remained Germany’s top trading partner for eight consecutive years. This change aligns with Germany’s declared intention to reduce its economic exposure to China, citing political differences and accusing Beijing of engaging in “unfair trade practices.”
Impact of U.S. Economic Resilience
Lola Machleid, a foreign trade expert at the Association of German Chambers of Industry and Commerce (DIHK), noted that the resilience of the U.S. economy has significantly boosted German exports. Overall, German exports to the United States grew by 3.3% in the first half of 2024, reaching nearly 81 billion euros, while exports to China saw a decline of almost 3%, totaling just over 48 billion euros.
Declining Imports from China
Imports from China also faced a downturn, dropping nearly 8% to 73.5 billion euros. Meanwhile, imports from the United States decreased by 3.4% to 46.1 billion euros, primarily due to fluctuations in energy product deliveries.
Geopolitical and Economic Uncertainties
Machleid emphasized that in the face of current geopolitical uncertainties and unstable economic conditions, not only in the U.S. and China but also within Germany, it is challenging to predict how this competitive dynamic will evolve in the future.
