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German exports to China recover faster in 2020: Destatis

Abstract : German exports to the United States and China, the country's biggest export markets in 2020, showed a mixed picture as exports to the U.S. were "much more affected" by the COVID-19 crisis than exports to China, the Federal Statistical Office (Destatis) said on Wednesday.

A
China-Europe freight train bound for Hamburg of Germany departs from
Haicang Station in Xiamen, southeast China’s Fujian Province, Nov. 13,
2020. (Xinhua/Wei Peiquan)

Germany
exported goods worth 103.8 billion euros to the United States in 2020, a
drop of 12.5 percent year-on-year, while the country’s exports to China
almost remained at the previous year’s level and only declined by 0.1
percent to 95.9 billion euros, according to Destatis.

BERLIN,
March 3 (Xinhua) — German exports to the United States and China, the
country’s biggest export markets in 2020, showed a mixed picture as
exports to the U.S. were “much more affected” by the COVID-19 crisis
than exports to China, the Federal Statistical Office (Destatis) said on
Wednesday.

Germany
exported goods worth 103.8 billion euros (125.6 billion U.S. dollars)
to the United States in 2020, a drop of 12.5 percent year-on-year,
according to provisional results by Destatis.

A man works at a workshop of Harbin Dongan Automotive Engine
Manufacturing Co., Ltd. in northeast China’s Heilongjiang Province, Feb.
25, 2021. (Xinhua/Wang Jianwei)

Germany’s
exports to China almost remained at the previous year’s level and only
declined by 0.1 percent to 95.9 billion euros, according to Destatis.
Overall, German exports were down 9.3 percent in 2020 amidst the
COVID-19 pandemic.

The
decline in exports to the U.S. was the highest since the financial
crisis in 2009 when German exports to the U.S. plummeted by 23.9 percent
year-on-year, Destatis said. German exports to China fell in 2015 after
the diesel gate scandal that shook the country’s car industry.

“The
diverging developments in the coronavirus crisis year 2020 are
particularly noticeable when looking at the different quarters,”
Destatis said. Export business with China was particularly affected by
the pandemic in the first quarter of 2020.

Employees produce ventilators at Mindray Bio-Medical Electronics Co.,
Ltd., a medical device manufacturer based in Shenzhen, south China’s
Guangdong Province, March 31, 2020. (Xinhua/Liang Xu)

“A
trend reversal was observed in the second quarter,” according to
Destatis. German exports to the U.S. slumped by 31.2 percent
year-on-year. By contrast, exports to China showed “only a comparatively
small decline” of 4.4 percent and even started to increase again in the
third quarter.

Last
week, the ifo Institute said that German exporters benefited from
China’s good economic situation as the ifo index for export expectations
rose from 7.5 points in the previous month to 10.7 points in February.

“China’s
good economic situation and an increase in U.S. production are helping
German exporters,” said President of the ifo Institute Clemens Fuest in a
statement.

Workers perform quality check on an excavator production line at the
Volvo Construction Equipment (China) Co., Ltd. in east China’s Shanghai,
Dec. 17, 2020. (Xinhua/Fang Zhe)

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Source: German exports to China recover faster in 2020: Destatis

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