Berlin (Reuters) – According to the Ifo Institute, China expanded its position as export world champion compared to its toughest rivals, the USA and Germany, in the Corona year 2020.
The share of the USA, however, fell by around half a point to 8.5 percent, that of Germany by 0.1 points to eight percent.
“China emerged from the corona crisis much earlier than the western countries,” said Grimme about the people’s republic’s growing importance in world trade. “In addition, the country produces many goods that are particularly in demand during the crisis – from protective equipment such as masks to aids for the home office, such as screens and laptops.”
Of the western industrialized countries, Germany has done comparatively well, said Grimme in view of the almost stable world market share. “German industry, for example, benefits from the fact that China has increasingly ordered capital goods such as machines and vehicles.” Great Britain, France and Japan should have suffered more significant losses in their world market shares. According to the Federal Statistical Office, German exports in 2020 fell as sharply as they did since the financial crisis in 2009 due to the Corona recession, by 9.3 percent to a good 1.2 trillion euros.