The United States has become Germany’s largest trading partner, surpassing China

The United States became Germany’s largest trading partner in the first quarter of 2024, overtaking China, Reuters reported, based on official data from the German statistics office. German trade with the United States from January to March reached a total value of 63 billion euros (over 1.5 trillion crowns). For China and Germany it was 60 billion euros.

In 2023, China was Germany’s main trading partner for the eighth year in a row, with a value of up to 253 billion euros. “German exports to the US are growing mainly thanks to a stable economy there, while exports to China and imports from China have fallen,” Commerzbank economist Vincent Stamer explained to Reuters.

Another reason, according to Stamer, is the fact that China itself manufactures more complex equipment, which it previously imported from Europe, and German companies are building branches in Asia instead of classic exports.

German goods exports to China fell by nearly 12 percent year-on-year in the first quarter, while goods exports from China fell by just over one percent, Jürgen Matthes of the German economic institute IW explained to Reuters. “The fact that China’s economy is doing worse than many had hoped, while the US economy is beating expectations, is probably contributing,” Matthes said. The US now accounts for approximately ten percent of German exports. China’s share fell to less than six percent, according to Matthes.

However, according to Dirk Jandura, president of the BGA trade association, it is not clear whether this situation will continue. “If the White House administration changes after the November US election and goes more towards closing the markets, this process could stop,” he explained.