The US overtakes China as Germany’s largest trading partner (for now)

Statistics for January, February and March

The majority of German exports in January, February and March went to the United States: in January 2024 the value of exports to the United States fell to 12.5 billion euros (goods down 1.7 % compared to December 2023); in February they increased by 10.2% compared to January, to 13.8 billion and continued to increase in March (by 3.6% compared to February 2024) reaching a value that rose to 14.3 billion.

Exports to China in January, February and March had ups and downs: in January they increased by 7.8% to 8.1 billion euros, in February they decreased by 0.6% to 8.0 billion and in March increased by 3.7% to 8.3 billion.

In terms of imports into Germany in January, February and March, the People’s Republic of China maintained first place. In January, Chinese goods worth 10.4 billion were imported (a decrease of 11.1% compared to the previous month) while in February the value of imports rose to 12.1 billion, an increase of 16.0 % compared to the previous month. March recorded yet another increase: imported Chinese goods worth 13.7 billion (+14.3% compared to the previous month)

Imports from the United States in January fell 5.2% to 7.8 billion compared to December and fell once more in February by 5.2% to 7.4 billion. On the other hand, they increased in March by 2.7% to 7.6 billion.

March statistics

Germany exported goods worth €136.8 billion and imported goods worth €112.9 billion on a nominal basis (not adjusted for calendar or seasonal effects) in March 2024. Compared to March 2023, exports in March 2024 decreased by 8.3% and imports by 9.6%. The unadjusted foreign trade balance recorded a surplus of €23.9 billion in March 2024. In March 2023, the surplus was €24.3 billion.