Wiesbaden, Germany – August 8, 2024 – In a significant shift in global trade dynamics, the United States has surpassed China to become Germany’s largest trading partner in the first half of 2024. Preliminary data released by the German Federal Statistical Office, Destatis, reveals this economic realignment.
The move comes as Germany seeks to reduce its reliance on Chinese imports, while the US economy has demonstrated remarkable resilience amid global challenges.
Germany’s trade with the US, the world’s largest economy, reached approximately €127 billion in the first six months of 2024, compared to €122 billion with China. The US had already overtaken China as Germany’s top trading partner in the first quarter of the year.
This shift can be attributed to several factors, including Germany’s efforts to diversify its supply chains away from China and the robust performance of the US economy. Lola Machleidová, a foreign trade expert at the German Chamber of Industry and Commerce (DIHK), noted that the resilience of the US economy has been a key driver of increased German exports to the US.
While overall German exports to the US increased by 3.3% to nearly €81 billion in the first six months of 2024, exports to China declined by almost 3% to slightly over €48 billion. Imports from China also decreased by nearly 8% to €73.5 billion, while imports from the US fell by 3.4% to €46.1 billion, partly due to increased energy commodity supplies.
Machleidová cautioned that the future trajectory of this trade relationship remains uncertain, given the current geopolitical landscape and economic challenges facing both the US, China, and Germany.
Source: Destatis.de
