Earth Science News
TRADE WARS
China remains Germany's biggest trade partner in 2022
China remains Germany's biggest trade partner in 2022
by AFP Staff Writers
Frankfurt, Germany (AFP) Feb 16, 2023

China was Germany's biggest trading partner in 2022 for the seventh year in a row, figures published Thursday showed, as policymakers worry about economic over-reliance on Beijing.

Goods worth 297.9 billion euros ($318.9 billion) were exchanged between the two countries last year, up 20 percent despite the continuing impact of the coronavirus pandemic, according to the federal statistics agency Destatis.

Germany's trade deficit with China -- the difference between the larger value of imports and smaller exports -- hit 84.3 billion euros, the largest figure since the statistics body's records began in 1950.

Imports from China rose to 191.1 billion euros in 2022, an increase of 33 percent on the previous year.

Meanwhile, the value of exports largely stagnated, increasing just three percent in 2022 to 106.8 billion euros.

The meagre figure saw China slip two places to fourth in the ranking of export destinations for German goods.

Fears have been growing in Germany about an over-reliance on China against the backdrop of tensions between the West and Beijing over its ties with Russia and human rights issues.

"Germany urgently needs a strategy for more diversification" away from China to secure supply of key raw materials and goods, particularly electronics, the German economic think tank IfW Kiel said in a report published Wednesday.

The United States, Germany's second most important trading partner overall, was the number one destination for items "made in Germany", sucking up 156 billion euros worth of imports.

Overall, Germany's trade surplus was at its lowest level since 2000 in 2022. The important indicator for the traditional export powerhouse fell to 79.7 billion euros on a year due to the rising cost of energy imports, according to Destatis.

Related Links
Global Trade News

Subscribe Free To Our Daily Newsletters
Tweet

RELATED CONTENT
The following news reports may link to other Space Media Network websites.
TRADE WARS
China to resume issuing short-term visas for S. Koreans
Seoul (AFP) Feb 15, 2023
China will resume issuing short-term visas for South Korean nationals on February 18, the Chinese embassy in Seoul said Wednesday. The move follows South Korea's decision last week to end Covid-linked travel restrictions on Chinese nationals - rules that sparked a furious response and tit-for-tat measures from Beijing. From Saturday, the Chinese embassy in Seoul and other consulates "will resume issuing short-term visas for Korean citizens to visit China, for business, transit and other private ... read more

TRADE WARS
Turkey quake survivors rescue belongings for uncertain future

Turkey winds down quake rescue as Blinken pledges fresh US aid

Power, water return to cyclone-hit New Zealand cities

Teen, two men rescued in Turkey nearly 11 days after quake

TRADE WARS
Astroscale wins Dstl funding for exploration of future Space-Based Space Domain Awareness missions

Space Station research announcement for advanced materials and manufacturing open now

Sidius Space reaches an agreement with a Dutch organization to Deploy Lasercom Mission

'Magic' solvent creates stronger thin films

TRADE WARS
Mining at key hydrothermal vents could endanger species at distant sites

Electric boat goes airborne for cleaner ocean voyage

UN to try anew to finish treaty protecting the high seas

All hands on deck as UN meets to protect high seas

TRADE WARS
Changes in the navigability of the Arctic Northeast Passage over the past four decades

Antarctica sea ice melts to a record low

Too warm in Canada: world's largest ice rink may not open

New technique maps large-scale impacts of fire-induced permafrost thaw in Alaska

TRADE WARS
Drought and frost batter vital potato crops in Bolivia

Bird man in Turkey vows to tend to flock after quake

Carbon emissions from fertilizers could be reduced by as much as 80% by 2050

Self-drilling seed carriers break new ground

TRADE WARS
Cyclone recovery expected to cost New Zealand billions

Brazil flooding, landslides kill at least 36

Turkey quake cuts village in two

Toll rises to above 44,000 after Turkey-Syria quake

TRADE WARS
Most trafficked Sahel firearms are from national armies: UN

Kenyan troops crackdown on bandits; Mass trial opens in Chad; 19 killed in Burkina

Somaliland accuses Somalia of attacks despite truce

Russian frigate docks in S.Africa ahead of military drills

TRADE WARS
Iraq dig uncovers 5,000 year old pub restaurant

People can tell whether they like a song within seconds, study finds

Changing climate conditions likely facilitated human migrations to the Americas

The chemistry of mummification - Traces of a global network

Subscribe Free To Our Daily Newsletters




The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.