TLTP
\nBERLIN
\nA new study by the German Economic Institute (IW) shows that Germany\u2019s export markets continue to deteriorate as the COVID-19 crisis severely impacted global trade.
\nAt the same time, \u201cthe Chinese economy is already looking ahead with cautious optimism,\u201d said Galina Kolev, senior economist and head of the research group Macroeconomic Analyses and Business Cycles at IW.
\nAccording to the Federal Statistical Office, German exports to China only decreased \u201crather moderately\u201d by 12.3 percent to \u20ac7.2 billion ($8.2 billion) in May. At the same time, exports to the United States plunged by 36.5 percent to \u20ac6.5 billion.
\nThe differing impacts of the coronavirus crisis across the world will change countries\u2019 \u201crelative importance\u201d to the German economy in 2020, according to IW. \u201cChina\u2019s rise to export destination country number one is of particular symbolic significance,\u201d said Kolev.
\nStatistics showed that in 2019, China was Germany\u2019s third most important customer (after the United States and France), with exported goods worth \u20ac96 billion ($109 billion).
\nThe export gap between China and Germany\u2019s biggest export countries decreased \u201csubstantially\u201d in the first five months of the year. As official data for June is yet to be released, IW expects that China has already replaced France as Germany\u2019s second largest export market.
\nThe current coronavirus crisis has \u201caccelerated a process that has been going on for several decades,\u201d said Kolev. The growth of the Chinese economy, which was already slowing down but still remained relatively high by international standards, had made China an \u201cattractive export market.\u201d
\nChina\u2019s customs data showed that exports and imports grew significantly in June. Imports rose 2.7 percent from a year earlier and, according to expert expectations, will continue to grow. <\/p>\n","protected":false},"excerpt":{"rendered":"
TLTP BERLIN A new study by the German Economic Institute (IW) shows that Germany\u2019s export markets continue to deteriorate as the COVID-19 crisis severely impacted global trade. At the same time, \u201cthe Chinese economy is already looking ahead with cautious optimism,\u201d said Galina Kolev, senior economist and head of the research group Macroeconomic Analyses and […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-133074","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n