Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Israeli media: Intense US efforts are being made to resolve differences, such as the issue of the Israeli presence on Mount Hermon and in southern Syria
Israeli media: The security agreement means amending the disengagement agreement, which will also address the Druze issue
Israeli media: Attempts to reach a security agreement between 'Israel' and Syria were among the topics discussed at the Paris meeting
Israeli media: Sheikh Muwaffaq Tarif rejected a US proposal to join the recent tripartite meeting between Tom Barrack, al-Shaibani, and Dermer
Saba News Agency: Two martyred, five injured in a preliminary toll of the Israeli aggression on the Yemeni Oil Company station on Al-Sitteen Street in Sanaa
Senior Yemeni military source to Al Mayadeen: We observed a state of confusion among the enemy's aircraft squadron after Yemeni air defenses intercepted the attack
Senior Yemeni military source to Al Mayadeen: The Yemeni air defense forces succeeded in neutralizing a squadron of enemy aircraft and prevented airstrikes on some governorates
Senior Yemeni military source to Al Mayadeen: Our air defenses and missile forces forced a formation of enemy aircraft to flee the airspace
Member of the Ansar Allah Political Bureau, Mohammed al-Bukhaiti: The Israeli aggression on Yemen will not deter us from continuing to support Gaza, no matter the sacrifices
Al Mayadeen's correspondent: The Israeli aggression targeted the Yemeni Oil Company station on Al-Sitteen Street, southwest of the capital, Sanaa, with several raids

German's China exports drop 11.3% as EU-China exports rise 2.3%: FT

  • By Al Mayadeen English
  • Source: Financial Times
  • 24 May 2023 15:29
3 Min Read

As 27 EU countries witness a 2.3% rise in Chinese exports, Germany's 11.3% drop has economists anticipating a change in Germany's first-quarter GDP from zero growth to contraction.

  • x
  • New cars are stored and handled for export at the logistic port in Duisburg, Germany, Tuesday, Jan. 25, 2022. (AP)
    New cars are stored and handled for export at the logistic port in Duisburg, Germany, Tuesday, Jan. 25, 2022. (AP)

A new report by the Financial Times (FT) highlighted that German exports to China had dropped by a double-digit reaching 11.3% and discussed the causes and concerns of this drop. 

The FT report assessed the drop in German exports to China in the first four months of 2023, vis-a-vis numbers from exports of the first four months of 2022. 

Several companies such as Volkswagen, Bosch, and BASF have reported losing market shares in China, chemical producers and other energy-intensive companies are reeling from high power prices, and the euro’s appreciation against the dollar has made German goods less competitive.

The report cited Carsten Brzeski, global head of macro research at Dutch bank ING, who said “Germany is now considered to be allied with the US, which has led to more — explicit or implicit — discouraging of purchases of German products.”

Significantly, the drop in exports has been among several economic indicators pointing toward Germany's manufacturing sector's sharp decline in 2023, the report claimed. FT explained that the decline included "lower factory output, plummeting demand, and a shrinking backlog of orders, which could slow growth in the EU’s largest economy."

While Germany is faced with declining exports to Beijing, a number of European countries have witnessed an increase in shipments toward China in 2023. According to Eurostat, exports from the 27 EU countries to China increased 2.9% year over year in the first quarter.

Related News

Trump administration warns of economic crisis if tariffs are repealed

World Bank: Global growth to slow sharply, worst since 2008

Some experts anticipated that as a result of the decline, the federal statistics office will lower its initial estimate of first-quarter gross domestic product from zero growth to a contraction later on Thursday.

German retail sector to contract amid growing economic challenges

Earlier in May, Handlesverband Deutschland, the national retail association of Germany, announced that Germany's retail sector will contract as approximately 9,000 shops and small businesses are expected to shut down throughout 2023.

It is worth noting that figures from 2021 underscore that Germany's retail sector accounts for 17% of its Gross Domestic Product (GDP).

In a statement, the head of Handlesverband Deutschland, Alexander von Preen, said "In view of the figures from recent years, all the alarm bells must be ringing in all inner cities and in politics. Because without successful retail, the city centers have hardly any prospects for the future."

Moreover, the expert noted that “If trade dies, the city dies. Trade is not only the supplier of the population, but is also characterized by its diverse social commitment on site and is also the caretaker of the cultural area of the inner city. These achievements are in danger."

The situation has been described as being far worse in Berlin by the head of the Handlesverband Berlin, Nils Busch-Petersen, who said, "The situation is complicated because the retail industry is still suffering, beginning with the (February 2022) war in Ukraine. Even all the other branches have problems because the behavior of the customer changed totally."

Busch-Petersen noted that about 2,500 - 3,000 businesses have closed before he explained that the government has a misconception regarding customer behavior.

Read more: Two more interest rate hikes required to cool inflation: Fed's Bullard

  • economic crisis
  • Exports
  • inflation
  • Germany
  • China

Most Read

Tom Artiom Alexandrovich, executive director of the defense division of the Israeli National Cyber Directorate, undated (Social media)

Israeli-born US prosecutor drops Israeli officer child sex crime

  • Politics
  • 19 Aug 2025
Displaced Palestinians walk through a makeshift camp along the beach in Gaza City, Sunday, Aug. 10, 2025 (AP)

Hamas, other factions accept Egypt-Qatar ceasefire proposal: Exclusive

  • Politics
  • 18 Aug 2025
Palestine will not be liberated by UN reports, but by pursuing a different strategic horizon: one that does not beg for recognition. (Al Mayadeen English; Illustrated by Batoul Chamas)

Economy of Genocide: Albanese's report accuses, but doesn't dismantle system

  • Opinion
  • 18 Aug 2025
Israeli soldiers stand on the top of armoured vehicles parked on an area near the Israeli-Gaza border, as seen from southern Israel, Wednesday, Aug. 20, 2025 (AP)

Palestinian fighters target Israeli soldiers, vehicles in Gaza

  • Politics
  • 21 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Israeli Prime Minister Benjamin Netanyahu speaks during a press conference at the Prime minister's office in al-Quds, Occupied Palestine, Sunday, Aug. 10, 2025 (AP)
Politics

Netanyahu deliberately derailing truce with Gaza occupation: Hamas

Irish President Michael Higgins arrives to deliver his speech during a 42nd World Food Day celebration at FAO headquarters in Rome, on Oct. 16, 2023. (AP Photo/Alessandra Tarantino)
Politics

Irish president renews call for UN military intervention in Gaza

US Ambassador to Turkey and Special Envoy to Syria Tom Barrack speaks during an interview with The Associated Press at the US Embassy in Aukar, northern suburb of Beirut, Lebanon, Monday, July 21, 2025 (AP)
Politics

US envoy, Netanyahu discuss restraining attacks on Lebanon, withdrawal

Smoke billows following Israeli airstrikes in multiple areas in Sanaa, Yemen, Sunday, Aug. 24, 2025 (AP)
Politics

Ansar Allah vow sustained Gaza support despite Israeli strikes

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS