China Became Germany's Second Largest Export Market

China Became Germany's Second Largest Export Market

This year, China became Germany's second largest export market, pushing France out of this position. This proves how the new coronavirus pandemic has further strengthened the already highly dependent dependence of the German pro-export economy on the Chinese market. According to the German statistical office Destatis, referred to by the British daily The Financial Times, German exports grew by 0.8% month-on-month in October, the weakest growth rate since the March and April slumps. "Despite the slowdown in export growth in October, the area remains one of the German economy's few hopes of avoiding a sharp decline in the fourth quarter," said ING economist Carsten Brzeski. Year-on-year, exports fell by 6.5%, falling sharply to the US market, which is Germany's largest export market, as well as to the market of neighboring France. Exports to the USA decreased by 10.5% and to the French market by 11.4%. On the contrary, the Chinese market grew by 0.3%.