German exports to China boom

7 May 2004

WIESBADEN – German trade with China continued to boom last year with exports up by almost 25 percent on 2002, figures released Friday showed.

Germany last year exported goods worth EUR 18.2 billion to China, its most important trade partner in Asia, 24.9 percent up on 2002 and three times the 1998 figure, the Federal Statistics Office said.

At the same time, imports from China came to EUR 25 billion, an increase of 17.3 percent on 2002.

Figures for this year show the trend continuing, with exports in January and February up 19.2 percent and imports 8.1 percent higher than the same two months last year.

Two-way trade between Germany and China, currently valued at EUR 50 billion, has been further boosted by a series of new deals, eight of which were signed last week during the visit to Germany by Chinese Prime Minister Wen Jiabao.

They include a new EUR one billion Infineon chip plant in Shanghai, a DaimlerChrysler joint venture with Beijing Automotive Industry Holding Company to manufacture 25,000 C- and E-class Mercedes cars in China per year, and a big sale of container ships.

Between 1998 and 2003, German trade with China has shown average annual growth rates of nearly 25 percent for exports and almost 17 percent for imports.

Last year, China ranked 10th for exports and 7th for imports among Germany’s major trading partners. Trade with China made up 27.7 percent of total German foreign trade turnover with Asian countries.

The most important exports from Germany to China were machinery and equipment (31 percent of total exports) followed by motor vehicles, trailers and semi-trailers (19.7 percent).

Germany imports mostly communication equipment, electronic components and television and radio receivers (17.3 percent of total imports), office machinery and computers (15.5 percent), furniture, jewellery, musical instruments, sports goods, games and toys (11.6 percent) and clothing (10 percent).

DPA

Subject: German news