US overtakes China as Germany's top trading partner
BERLIN - The United States overtook China as Germany's most important trading partner in the first quarter of this year, according to Reuters' calculations based on official data from the German statistics office.
"German exports to the U.S. have now risen further due to the robust economy there, while both exports to and imports from China have fallen," said Commerzbank (ETR:"China has moved up the value chain ladder and is increasingly producing more complex goods itself, which it used to import from Germany," said Stamer. "In addition, German companies are increasingly producing locally instead of exporting goods from Germany to China.
"The fact that the Chinese economy is performing worse than many had hoped, while the U.S. economy is exceeding expectations, is presumably contributing to this," said Matthes.
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