Germany's Trade Surplus with U.S. Plunges to USD40.6B
(MENAFN) Germany's trade surplus with the United States for the first seven months of 2024 fell to €34.6 billion ($40.6 billion), marking its lowest point in five years, according to data released by the country’s statistical office Destatis on Friday.
The surplus, driven by "Made in Germany" exports, shrank by 15.1% year-on-year, primarily due to a reduction in exports to the US coupled with rising imports from the country.
Germany’s exports to the US dropped by 5.3%, totaling $105.6 billion, while imports from the US grew by 2.2% to $65 billion.
In contrast, Germany's trade surplus with China surged to $55.9 billion, a 54.1% increase compared to the same period last year. The country's exports to Türkiye also saw growth, rising 9.4% to $20.8 billion, with imports climbing 10.8% to $17.9 billion, the data showed.
Germany had enjoyed a record trade surplus with the US in 2023, which reached about $82.2 billion, drawing criticism from US President Donald Trump.
In 2024, German exports to the US rose by 2.2% to $189.3 billion, while imports saw a 7% increase to $107.2 billion, continuing a trend of growth in trade with the US.
Economists point to growing challenges for Germany's export sector, with both China and the US implementing aggressive industrial policies and tariffs to reduce dependency on foreign goods. This shifting trade landscape is seen as a significant hurdle for Germany's economic growth moving forward.
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