German exports to China shrink by 7.1% in January

German exports to China fell by 7.1 percent in January compared to last year’s exports during the same month, to €7.4 billion, the federal statistics office data showed on Tuesday.

The exporters hope for an incline in the trade with China this year, especially after the dismantling of its strict lockdown since COVID19 in December.

However, the German exports to the United States have increased by 20.8 percent to €12 billion, becoming the largest importer of German exports.

After the lockdown that lasted for three full years in China, the majority of factories and ports closed up. This gave hope for German exporters of a stronger start this year, to be faced by the decline.

It is worth mentioning that last year, the German exports to China has increased by a percentage of 3.1 percent to almost €107 billion, and the good Germany imported from China last year were worth around €191 billion.

Germany had a trade deficit with China of around 84 billion euros in 2022, a situation that German Finance Minister Christian Lindner called a “dangerous development.”