Trade surplus versus the US, the UK and France
In 2017, the US were the most important export destination, followed by France,
China, the Netherlands and the UK. Taken together, 37% of total German
exports went to these five countries. China was the most important supplier of
imported goods, ahead of the Netherlands, France, the US and Italy. In terms of
aggregate trade volume (the sum of exports and imports), China was Germany’s
largest trading partner in 2017, ahead of the Netherlands and the US, France,
the UK, Italy and Poland.
These seven countries accounted for 46% of total
German external trade in 2017. A look at longer-term developments shows that
trade with Poland and China has expanded most. Since 2009, the total trade
volumes with these countries have increased by 107% and 99%, respectively. In
contrast, trade with France expanded “only” by 38% during this period. The
bilateral trade surpluses were highest versus the US, the UK and France (capital
goods) in 2017.
In contrast, the trade balances versus China and Vietnam (e.g.
Consumer electronics) and versus Russia and Norway (energy commodities)
were deeply in the red.
EU Forecast
euf:ba.18.j:178/nws-01