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Germany's trade with the United States - exports and imports
combined - totaled 63 billion euros ($68 billion) from January
to March, while the figure for China was just under 60 billion
euros, the data showed.
In 2023, China was Germany's top trading partner for the eighth
year in a row, with volumes reaching 253 billion euros, although
that was only a few hundred million ahead of the U.S.
"German exports to the U.S. have now risen further due to the
robust economy there, while both exports to and imports from
China have fallen," said Commerzbank economist Vincent Stamer,
explaining the first quarter shift.
Structural reasons are also a factor, he said.
"China has moved up the value chain ladder and is increasingly
producing more complex goods itself, which it used to import
from Germany," said Stamer. "In addition, German companies are
increasingly producing locally instead of exporting goods from
Germany to China."
Germany has said it wants to reduce its exposure to China,
citing political differences and accusing Beijing in its first
China strategy announcement last year of "unfair practices". But
Berlin has been vague on policy steps to reduce dependencies.
German imports of goods from China fell almost 12% year-on-year
in the first quarter, while exports of goods to China fell just
over 1%, said Juergen Matthes, from German economic institute IW.
"The fact that the Chinese economy is performing worse than many
had hoped, while the U.S. economy is exceeding expectations, is
presumably contributing to this," said Matthes.
The U.S. now accounts for around 10% of German goods exports.
China's share has fallen to less than 6%, Matthes said.
"With a clear global economic headwind for the German economic
model, a reorientation - also geopolitically motivated - seems
to be taking place: away from system rival China and towards
transatlantic partner U.S.," he added.
It is unclear, however, whether this will continue.
"If the White House administration changes after the U.S.
elections in November and moves more in the direction of closing
off markets, this process could come to a standstill," said Dirk
Jandura, president of the BGA trade association.
($1 = 0.9303 euros)
(Reporting by Maria Martinez and Rene Wagner; Editing by Miranda
Murray and Mark Potter)
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