US Closing In on China as Top German Trade Partner Amid Economic Shifts
• US may overtake China as Germany's top trading partner in 2024 amid slowing Chinese economy and strong US recovery • China's real estate crisis, geopolitical tensions with US/EU, and weak investments contributing to decline in trade with Germany • German imports from China fell 19% and exports fell 9% in 2023, gap with US now just €1-2 billion vs €50 billion in 2022 • German companies still plan to stay in China but face challenges like rising local competition, unequal access, economic issues • China overtook Japan in 2023 as world's largest car exporter; Chinese electric car makers expanding internationally