German exports to China rise by 17.2 pct in August-Xinhua

Photo taken on July 11, 2022 shows a scene from the welcoming ceremony for the 10,000. Journey of China-Europe Railway Express (Chongqing) China-Europe freight trains in Duisburg, Germany. (Xinhua/Ren Pengfei)

China remains Germany’s second most important export partner after the USA, said Destatis.

BERLIN, Sept. 21 (Xinhua) — Germany exported 8.9 billion euros ($8.8 billion) worth of goods to China in August, up 17.2 percent year on year, according to the preliminary figures of the Federal Statistical Office ( Destatis) on Wednesday.

China remains Germany’s second most important export partner after the USA, said Destatis.

Total exports to countries outside the European Union (EU) rose 21.2 percent year-on-year to reach 59.1 billion euros in August. “This increase in value is also to be seen against the background of the sharp rise in foreign trade prices,” says Destatis.

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The new figures come at a time when global trade, still recovering from COVID-19, continues to overload container ships. The Kiel Institute for the World Economy (IfW Kiel) announced on Wednesday that 12 percent of all goods shipped worldwide are currently standing still.

North Sea congestion has risen to more than 2 percent of global cargo capacity. “A standstill of this magnitude is very unusual for the North Sea and puts a strain on the exchange of goods from Germany and the EU, especially with Asia,” said IfW Kiel trade expert Vincent Stamer.

A delivery robot is seen at the Hanover Fair in Hanover, Germany, May 30, 2022. (Xinhua/Ren Pengfei)

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Earlier this week, the world’s largest container ship “EVER ALOT”, built by a subsidiary of the China State Shipbuilding Corporation (CSSC), called at the port of the northern German city of Hamburg for the first time. The mega-carrier is the first container ship to exceed a capacity of 24,000 TEUs (Twenty-Foot Equivalent Units) according to the Port of Hamburg.

“We have prepared the port and the Elbe over the past few years to be able to accommodate ships of this size,” said Port of Hamburg Marketing Manager Axel Mattern on Monday. “This is the only way we can remain competitive in the future.”

In addition to ship jams, skyrocketing energy prices are having a negative impact on German foreign trade. According to Destatis, producer prices in Europe’s largest economy rose by 45.8 percent year-on-year in August, the fastest ever. Meanwhile, energy prices have doubled.

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According to the ifo Institute, despite optimism in the country’s largest sector, the automotive industry, this led to a deterioration in the mood among German exporters.

“A large proportion of the sectors are expecting exports to fall,” said ifo President Clemens Fuest at the end of August, adding that “the mood is particularly bad” in the chemical industry. (1 euro = 0.99 US dollars)

People visit the Caravan Salon 2022 in Dusseldorf, Germany, Aug. 27, 2022. (Xinhua/Shan Weiyi)

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