Market - - Feb 25,2017
This is for the first time that China has ranked higher than the United States to become Germany’s most prominent trading partner in 2016, as per data revealed on Friday.
The current ranking highlighted China for being the most important trading partner of Germany. Data showed that the United States fell back to third place behind France.
According to data, German imports from and exports to China surged to reach 170 billion euros ($180 billion) last year.
This is a huge achievement which is readily welcomed by the German government. The authority has already set its goal to shield global free trade from the threats of US President Donald Trump.
Trump had warned to impose tariffs on imports; moreover, his top adviser on trade blamed Germany of misusing a weak euro in order to boost exports.
Germany's BGA trade association said, "Given the protectionist plans of the new U.S. president one would expect that the trade ties between Germany and China will be further strengthened".
Germany’s neighbor, France, was titled as the second-most important business partner which shared a combined trade volume worth 167 billion euros. On the other hand, the United States which came third and held a trading volume worth 165 billion euros.
On Friday, Germany's Committee on Eastern European Economic Relations said that it estimated exports to Russia might offer a rise of 5 percent in the current year.
German Vice Chancellor Sigmar Gabriel offered a suggestion that the European Union should relocate its economic policy centered at Asia, if Trump administration follows a process of tariff barriers.
The stats further revealed that the United States retained its position as the top client for German products in 2016. The US traded in goods worth 107 billion euros from the Europe’s biggest economy.
Moreover, France stood as the second-most important export destination for German goods accounting to 101 billion euros.