Max Zenglein, chief economist at the Mercator Institute for China Studies (MERICS), said Germany's exports to China could have "reached their zenith". The share of exports to China of the total of German exports, is likely to "settle at a lower level," Zenglein said. The share is currently at around 6%, having reached at some points 8%. "The economic recovery this time will mainly depend on consumers and services and is likely to bypass many German exporters," he said. Since the Chinese government lifted COVID restrictions at the end of 2022, Chinese people are travelling again, going out and spending more on clothes. That helped its economy to grow strongly in the first quarter, with gross domestic product rising 4.5% compared with the same period of 2022. Sentiment among German exporters has also rebounded, largely because of hopes of increased demand from China. ($1 = 0.9084 euros) (Reporting by Rene Wagner. Writing by Maria Martinez. Editing by Barbara Lewis)
BERLIN, May 10 (Reuters) - German exports to China fell
at the start of the year as business hopes for a revival
following Beijing's lifting of strict measures to control
COVID-19 were not fulfilled.
While total German exports increased by 7.4% from January to
March to more than 398 billion euros ($438.12 billion),
shipments to China fell by 12.0% year-on-year to 24.1 billion
euros, according to preliminary estimates from the German
statistics office seen by Reuters.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.