German exports to China up by 14.3 percent

Today when the Chinese prime minister, Wen Jiabao, arrives for a state visit in Germany, this event will not only be of political, but in particular of economic importance. Even though Germany is still importing more goods from China than it exports to this country, the export volume to China is growing much faster than imports. On a dollar basis, Germany exported goods to the value of 1,376 billion over the first eleven months of the year 2008 while China’s exports to the world amounted to 1,317 billion US dollars. Thus, Germany was once more the world’s leading exporting country ahead of China.

In the period from January to November 2008 Germany’s exports to China amounted to 31.3 billion Euros which was an increase by 14.3% as compared to the same period in the previous year. Imports of Chinese goods to Germany amounted to 54.3 billion Euros. Here the growth rate amounted to just 5.6%.

Most of all Germany exported machinery to the value of 9.3 billion Euros to China (+17.2% on the respective period in 2007), motor vehicles to the value of 5.3 billion Euros (+18.3%) and equipment for the generation and distribution of electricity to the amount of 3.5 billion Euros (+24.5%).

The most important imported goods from China were devices for electronic data processing to the amount of 9.3 billion Euros (-0.3% on the respective period in 2007), equipment for telecommunications, radio, television and electronic components (8.4 billion Euros, -0.9%) as well as toys, furniture, jewellery and other goods to the value of 5.6 billion Euros. GERMAN