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trade in china
A worker on a ship in eastern China’s Shandong province. © Uncredited/CHINATOPIX/dpa

The exit from the zero covid strategy tends to be a good sign for German-Chinese trade. However, according to a new study, the balance sheet deficit is heading towards a negative record

According to a study, German foreign trade with China is becoming increasingly unbalanced. On the one hand, China is losing importance as a destination for German exports, according to an analysis published today by the agency Germany Trade and Invest (GTAI).

On the other hand, imports from the world’s second largest economy are increasing rapidly. “This increases dependence on China and the trade deficit is headed for a negative record,” he said.

According to the study, China will remain Germany’s most important trading partner in 2022 for the seventh time in a row. Among the biggest buyers of German goods, China fell from second to fourth place, according to the analysis, which is based on figures from the Federal Statistical Office through November.

Trade deficit will peak in 2022

The increase in exports to China was below average at 3.7 percent. The value of imported goods from China, on the other hand, rose nearly 37 percent. The trade deficit is likely to have peaked in 2022, according to GTAI.

Therefore, the outlook for trade with China remains mixed in the new year. On the one hand, moving away from the zero-Covid strategy is a good sign to export. On the other hand, the mood among German companies in China remains subdued.

Meanwhile, German exports are breaking new ground. According to the study, the US, by far the most important export market, continued to gain importance. German companies also sold significantly more goods to Poland and Austria. The GTAI is the federal foreign trade agency that supports German companies abroad and foreign companies establishing themselves in Germany. dpa

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