BERLIN – According to preliminary data released by the German Federal Statistical Office (Destatis) on Monday, China has become Germany’s most important trading partner for the third consecutive year, with a total trade of 199.3 billion euros (225.7 billion US dollars) in 2018.
China accounts for the largest share of imported Germany, with goods valued at 106.2 billion euros, followed by the Netherlands with 98.2 billion euros and France with 65.2 billion euros.
“It’s worth noting that Germany’s trade with China is almost balanced, which means that mutually beneficial trade can be achieved through appropriate products,” Reint Gropp, president of the Harley Institute for Economic Research (IWH), told Xinhua. Germany’s trade deficit with China reached 13 billion euros in 2018.
“Tariffs and unilateral sanctions are the wrong way to achieve the mutually beneficial outcome of international trade. Progress in the fairness of international trade can only be achieved through multilateral negotiations within the framework of the WTO (World Trade Organization),” Gropp added.
The Netherlands is an important transit country for goods arriving at its ports, such as Rotterdam, Europe’s largest port, and Germany’s second largest trading partner. The value of goods between Germany and the Netherlands totaled 189.4 billion euros. The United States ranks third with 178 billion euros.
The largest customer of German goods is the United States, with sales of 113.5 billion euros. The second and third places are France (105.3 billion euros) and China (9.33 billion euros).
“Although China is not Germany’s most important export destination, China has traditionally ranked first among importing countries due to Germany’s traditional trade deficit with China,” said Juergen Matthes, head of the International Economic and Economic Outlook Research Department. The German Economic Research Institute (IW) told Xinhua News Agency.
“China is currently facilitating the entry of German companies in some regions into the market,” Matthes said.
Germany’s trade surplus is the highest in the United States, with a total of 48.9 billion euros, followed by the United Kingdom (45 billion euros) and France (40.2 billion euros). US President Donald Trump has repeatedly criticized Germany’s trade surplus and threatened to impose punitive tariffs on German exports, such as cars.
News Source: China Daily
