Key German exports eclipsed by China
Published: 07 Jun 2013 14:23 GMT+02:00
Updated: 07 Jun 2013 14:23 GMT+02:00
Germany's dominance in key export sectors outside of Europe is waning as China takes over greater market share, a new study has found. It predicts Chinese exports to Europe could even soon rival German products.
Chinese exports to Japan and the United States have taken over from Germany's, even in the traditionally Teutonic areas of engineering, chemicals and control systems. In these markets, Germany has retained dominance only in the automotive industry.
The findings are part of a wide-ranging study on German-Chinese trade relations, carried out by Prognos on behalf of the Bertelsmann foundation.
The study also revealed that Germany has failed to establish itself as a leading exporter in major emerging economies like Brazil and India. In both markets, China has either taken over from or is hot on the heels of Germany in all areas except for automobile manufacture.
In India, China leads the way in engineering as well as the import of chemicals. Here Germany trails the United States, Argentina and South Korea.
The study authors speculate that Germany's focus on establishing itself in China could have come at the expense of gaining a foothold in India and Brazil. However they also cite higher product prices as a possible explanation for the lower demand there.