Germany reported a large increase in exports to the United States in February, ahead of US President Donald Trump’s announcement of sweeping tariffs.
Germany is Europe’s biggest economy, as well as a leading exporter. Last year, the United States was its biggest single trading partner for the first time in nearly a decade, displacing China.
The most exported goods from Germany to the United States are vehicles, pharmaceuticals, machinery and electrical equipment. The country also exports chemicals, rubber, plastics and leather goods, among others.
On the other hand, some of the goods most imported by Germany from the US include vehicles, mineral fuels, chemicals, machinery and pharmaceuticals.
The Federal Statistical Office said on Monday that Germany’s exports to the US were up 8.5% in February compared with the previous month, at €14.2 billion. German exports to the entire world, including other EU nations, were up 1.8% in the same period at €131.6bn.
The head of Germany’s exporters association, the BGA, said the February increase “must not deceive us” as the rise in exports to the US was due to “anticipatory effects”.
Dirk Jandura said in a statement that “US firms bunkered and German firms moved deliveries forward”.
He added that “Germany and the EU must quickly find their role in the new world order” and “approach the global South with pragmatic offers”.
Jandura argued that “the sweeping US blow offers a unique opportunity to position Europe as a reliable and trustworthy partner”.
Global stock markets have been contending with the effects of Donald Trump’s vast array of tariffs announced last Wednesday. Europe’s indexes dropped on Monday, mirroring Asian market drops, while US markets opened in the red and showed significant volatility in early trading. Investors and businesses are holding tight to their cash while they wait to see how Trump’s trade war plays out.
Source: Euro News
