Space Industry and Business News
TRADE WARS
China remains Germany's biggest trade partner in 2022
China remains Germany's biggest trade partner in 2022
by AFP Staff Writers
Frankfurt, Germany (AFP) Feb 16, 2023

China was Germany's biggest trading partner in 2022 for the seventh year in a row, figures published Thursday showed, as policymakers worry about economic over-reliance on Beijing.

Goods worth 297.9 billion euros ($318.9 billion) were exchanged between the two countries last year, up 20 percent despite the continuing impact of the coronavirus pandemic, according to the federal statistics agency Destatis.

Germany's trade deficit with China -- the difference between the larger value of imports and smaller exports -- hit 84.3 billion euros, the largest figure since the statistics body's records began in 1950.

Imports from China rose to 191.1 billion euros in 2022, an increase of 33 percent on the previous year.

Meanwhile, the value of exports largely stagnated, increasing just three percent in 2022 to 106.8 billion euros.

The meagre figure saw China slip two places to fourth in the ranking of export destinations for German goods.

Fears have been growing in Germany about an over-reliance on China against the backdrop of tensions between the West and Beijing over its ties with Russia and human rights issues.

"Germany urgently needs a strategy for more diversification" away from China to secure supply of key raw materials and goods, particularly electronics, the German economic think tank IfW Kiel said in a report published Wednesday.

The United States, Germany's second most important trading partner overall, was the number one destination for items "made in Germany", sucking up 156 billion euros worth of imports.

Overall, Germany's trade surplus was at its lowest level since 2000 in 2022. The important indicator for the traditional export powerhouse fell to 79.7 billion euros on a year due to the rising cost of energy imports, according to Destatis.

Related Links
Global Trade News

Subscribe Free To Our Daily Newsletters
Tweet

RELATED CONTENT
The following news reports may link to other Space Media Network websites.
TRADE WARS
China to resume issuing short-term visas for S. Koreans
Seoul (AFP) Feb 15, 2023
China will resume issuing short-term visas for South Korean nationals on February 18, the Chinese embassy in Seoul said Wednesday. The move follows South Korea's decision last week to end Covid-linked travel restrictions on Chinese nationals - rules that sparked a furious response and tit-for-tat measures from Beijing. From Saturday, the Chinese embassy in Seoul and other consulates "will resume issuing short-term visas for Korean citizens to visit China, for business, transit and other private ... read more

TRADE WARS
Astroscale wins Dstl funding for exploration of future Space-Based Space Domain Awareness missions

Space Station research announcement for advanced materials and manufacturing open now

Sidius Space reaches an agreement with a Dutch organization to Deploy Lasercom Mission

'Magic' solvent creates stronger thin films

TRADE WARS
Multi aircraft and naval ships showcase interoperability

SES, ThinKom and Hughes enable multi-orbit resilient connectivity for critical airborne missions

Comtech receives additional funding for US Army Communications

GIT becomes Iridium Certus Service Provider to DoD and other Government customers

TRADE WARS
TRADE WARS
China to employ BeiDou satellite-based augmentation system in railway survey

GEODNET offers centimeter precision and GNSS corrections for OEMS and Ag Sector

New Galileo service set to deliver 20 cm accuracy

HawkEye 360 to monitor GPS interference in support of the US Space Force

TRADE WARS
US reaffirms pledge to deliver jets to Turkey

Ukraine says it shot down Russian balloons

Lufthansa hit by major IT outage, flights cancelled

Beijing tells US to investigate balloons allegedly flown over China

TRADE WARS
Engineers discover a new way to control atomic nuclei as "qubits"

Quantum Australia: Hear global insiders map out next phase of the boom

Encoding breakthrough allows for solving wider set of applications using neutral-atom quantum computers

Tech firm ASML probes info leak in China

TRADE WARS
Umbra agrees to provide Maxar direct access to SAR Constellation

Ozone depletion leads to Antarctic upper-stratospheric warming in winter

New land creation on waterfronts increasing, study finds

Upsurge in rocket launches could impact the ozone layer

TRADE WARS
Kenya's Ruto urges accountability for world polluters

Donated clothing worsening Kenya's plastic pollution: report

Sinkholes sow fear in former Polish mining town

Sri Lanka bans single-use plastics to save elephants

Subscribe Free To Our Daily Newsletters




The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.