Germany posts record trade deficit with China

Germany posted a record trade deficit of 84.3 billion euros with China in 2022. According to the German Federal Statistical Office on Thursday, imports from the People’s Republic reached a record high of 191.1 billion euros, up 33.6 percent last year. Vice versa, however, German exports to China rose by only 3.1 percent to 106.8 billion euros. German Finance Minister Christian Lindner sees this critically. “Dangerous development: German trade deficit with #China more than doubled in 2022,” the liberal FDP politician tweeted. “We should learn from the experience with Russia. Instead of becoming too dependent, we urgently need to rethink – and focus on more free trade with value partners.”