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
Al Mayadeen's correspondent: 35 martyrs, 75 injured in occupation targeting of civilians seeking food aid in Rafah, Khan Younis, southern Gaza.
Da Silva: What is happening in Gaza is not a war, it is a genocide
Da Silva: Even the Jewish people do not want this war; it is revenge by a government against the possibility of establishing a Palestinian state
Brazilian President Lula da Silva: What we are seeing is not a war between two armies. [What we have is a] completely professional army that is killing women and children in the Gaza Strip.
Hamas: We affirm our readiness to immediately begin a round of indirect negotiations to reach an agreement on the points of contention
Hamas: We welcome the continued Qatari and Egyptian efforts to end the war waged by the Zionist occupation against our people
Al Mayadeen's correspondent: Israeli occupation forces blew up Noura Al-Kaabi Hospital, designated for kidney dialysis patients, in the northern Gaza Strip
Al Mayadeen's correspondent: Israeli drone targets a car on the Ayta al-Shaab-Debel road in southern Lebanon
Yemeni Armed Forces Spokesperson Yahya Saree: The remaining airlines that have not yet complied with the ban are urged to take this into serious consideration to ensure the safety of their aircraft and passengers
Yemeni Armed Forces Spokesperson Yahya Saree: The YAF, after successfully imposing a partial ban on air traffic at Lydd Airport, are now working to impose a full ban on air traffic at the aforementioned airport in the coming period

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

Egypt poised for another interest rate cut ahead of economic reforms

Japan farm minister resigns over free rice remarks amid rising costs

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

President Donald Trump and Israeli Prime Minister Benjamin Netanyahu arrive to a news conference in the East Room of the White House, Tuesday, Feb. 4, 2025, in Washington (AP)

Rift widens: Trump, Netanyahu clash in heated phone call over Iran

  • Politics
  • 26 May 2025
Lebanon's PM Nawaf Salam meets with US envoy Morgan Ortagus in Beirut on April 5, 2025 (Dalati Nohra via AP)AP)

Morgan Ortagus to exit US role in Lebanon amid policy shift

  • Politics
  • 1 Jun 2025
An Israeli army vehicle moves in the Gaza Strip as seen from southern occupied Palestine, Thursday, May 29, 2025 (AP)

Hamas rejects Witkoff ceasefire plan, says alters terms

  • Politics
  • 29 May 2025
Spokesperson for the Yemeni Armed Forces, Brigadier General Yahya Saree, announces a new operation against Ben Gurion Airport on May 29, 2025 (Yemeni Military Media)

Yemen announces successful hypersonic missile strike on Ben Gurion

  • Politics
  • 30 May 2025

Coverage

All
War on Gaza

Read Next

All
Russia-Ukraine peace talks resume in Istanbul amid escalating war
Europe

Ukraine, Russia head for Istanbul talks as battles rage, cmdr. resigns

Australia urged to join Macron-led push for Palestinian statehood
Asia Pacific

Australia urged to join Macron-led push for Palestinian statehood

‘Israel’ lost international legitimacy for war on Gaza: Israeli media
Palestine

‘Israel’ lost 'international legitimacy' for Gaza war: Israeli media

MSF Chief: US-Israeli aid plan in Gaza ‘Dehumanising’
Politics

US-Israeli aid plan in Gaza used as tool for forced displacement: MSF

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