China remained Germany’s most important trading partner for the seventh year in a row in 2022, the country’s Federal Statistical Office (Destatis) said on Thursday.
Goods from China imported by Europe’s largest economy in 2022 increased by 33.6 percent year-on-year to 191.1 billion euros (204.4 billion U.S. dollars), according to Destatis. At the same time, German exports to China rose by 3.1 percent to 106.8 billion euros.
The United States came in second with a trade volume of 247.8 billion euros, followed by Germany’s neighboring country, the Netherlands.
For many of Germany’s key industries, business with China continued to be crucial. Electro exports to China were up 5.5 percent to 26.5 billion euros, while imports from China increased by 23.5 percent to 84.4 billion euros, said the country’s Electro and Digital Industry Association (ZVEI).
Many product groups from China were “indispensable for the German economy,” according to an analysis published by the Kiel Institute for the World Economy (IfW Kiel) on Wednesday. Electronic goods such as laptops reached an import share of around 80 percent.
In addition, around 85 percent of Germany’s imports of some rare earths and raw materials such as scandium or antimony came from China. Germany also depended strongly on China for medical products such as respiratory masks and painkillers, according to IfW Kiel. (1 euro = 1.07 U.S. dollar)