According to the KfW report, Germany's export shares in the automotive, mechanical engineering and chemical sectors in EU markets are decreasing, while China's share in these sectors is rapidly increasing. Between 2012 and 2024, Germany's share of automotive imports decreased from 33% to 29%, while imports from China increased from 1% to 4%. In mechanical engineering, Chinese suppliers increased their share from 7% to 10%, while Germany's share decreased from 22% to 18%. In chemical products, Germany's share decreased from 22% to 18%, while China's share increased from 2% to almost 6%.
KfW's Chief Economist Dirk Schumacher noted that China is trying to export its excess production capacity and that worsening trade conditions in the US have made Europe a more important market for China. Schumacher emphasized that Germany needs to create favorable conditions for companies and make its economy more competitive in order to withstand this increasing competitive pressure.
The report also stated that while Germany exports 54% of its exports to EU countries, China exports only 11% of its exports to EU countries.
Comments
No comment yet.