New Statistics suggest that China has overtaken the United States as Germany’s main trading partne
Destatis (the German Federal Statistic Office), has reported that for the first time in history China has overtaken the United States of America to become Germany’s main trading partner. The reports have also shown a 4% increase in the volume of trade between the two countries amounting to €170 billion in 2016.
This news has received a warm welcome by the German government, as concerns had spread in Berlin with regard to US President Donald Trump’s protectionist leanings and the potential for slapping punitive tariffs on German carmakers. United States have slipped to third place following a 5% contraction in trade volume, while France now occupies the second position.
However, the latest trade ranking may be misleading, as the change in trends was due to a stronger demand for imports from China. The U.S. is still the biggest buyer of German goods. The shadow of President Trump’s challenging measures may result in Germany seeking to make stronger trade deals with other countries, with particular attention towards Asian countries. As trade is expected to become tougher under President Trump’s administration, German companies will be forced to look at elsewhere for their markets.
Giambrone’s China Desk, strategically located within the Munich office and directed by Luja Ling, provides top-notch legal expertise and assistance to private and corporate clients in respect of a wide range of commercial legal issues, from drafting of complex contractual transactions and trade agreements where cross-border factors are implicated incorporating the re-location of employees, obtaining premises and recruiting new staff, to the legal requirement of individuals. The China Desk additionally provides assistance to European companies going the other way with the intension of relocating to China.
For more information about how Giambrone’s China Desk can assist you and your business, please contact us at email@example.com or call us at +49 (0) 89 3803 5332