In recent years, bilateral relations between Sino and Germany have reached unprecedented heights and play a key role in China with EU relations. China is Germany’s largest trading partner in developing countries and Asia’s second largest trading partner, while Germany is China’s largest trading partner in Europe. Sino German trade has played an important role in the economic development of both countries. So there is the analysis of detail about trade between Sino and Germany below,
Development Status of Sino German Trade
As the third largest economic power in the world, Germany accounts for 50% of the EU’s trade, and Germany’s total foreign trade import and export volume has been on the rise in general. Even after a brief decline in the global financial crisis in 2008, the trend of economic growth was rapidly restored. Germany’s major trading partners are mainly France, the United States, Britain and China, and the major trading partners are the Netherlands, France, China and Belgium.
Data of bilateral trade between China and Germany
In 2017, German goods trade continued to grow. According to Eurostat, German imports and exports of goods amounted to $261.59 billion, up 9.5% over the same period last year. meanwhile exports amounted to 1 trillion and 448 billion 800 million US dollars, an increase of 8.6%, and imports of US $1 trillion and 167 billion 160 million, an increase of 10.6%. The trade surplus was 281 billion 640 million US dollars, an increase of 0.9%.
In 2017, German exports to the United States, France, China and the United Kingdom accounted for 8.8%, 8.2%, 6.8% and 6.5% of Germany’s total exports, respectively, to $126.88 billion, $118.65 billion, $98.8 billion and $94.74 billion. Exports to the United States, France and China increased by 7.0%, 6.1% and 16.2% respectively, while exports to Britain declined by 0.2% to the four countries mentioned above. Exports account for 30.3% of total German exports. Germany’s top five surplus sources are the United States, Britain, France, Austria and China, with a surplus of 74.99 billion US dollars, 48.9 billion US dollars, 41.41 billion US dollars, 20.58 billion US dollars and 17.74 billion US dollars, respectively.
Mechanical and electrical products, transport equipment and chemical products are the main export commodities in Germany. In 2017, exports amounted to $398.72 billion, $323.58 billion and $186.71 billion respectively, accounting for 27.5%, 22.3% and 12.9% of Germany’s total exports. Meanwhile, the export of mechanical and electrical equipment and chemical products increased by 10.2% and 9.4%, respectively. The export of transport equipment also reversed the previous decline, an increase of 4.6%. German exports rebounded strongly, but export growth was more than 10%.
Sino-Germany Cooperation Progress Local Enterprises
Along with grow of Sino-Germany cooperation, a lot of local enterprises also gain benefits and progress itself development. Such as some famous B2B trade platforms in China, they may offer service to foreign buyers and built bridge between local suppliers and oversea buyers.