The Chinese authorities’ focus on supplying their own manufactured goods to the domestic market has taken a toll on the volume of exports from Germany. Until recently, the Chinese market accounted for 7% of the total exports of German products to foreign countries. informs Bloomberg agency.
At the same time, since the beginning of this year, China has reduced the volume of purchases not only from Germany, but also from Germany’s Big Seven (G7) partner countries. We are talking about a decrease in imports of goods from the USA, England, France, Italy, Japan and Canada. At the same time, the article states that until recently, Germany’s industrial exports depended to some extent on sales in the Chinese market.
“Since the beginning of this year, China has slowed down its purchases of foreign goods, particularly from the G7 countries, to focus on supplying its domestic market. This dealt a blow to large industrialized economies such as Germany, where China is the fourth largest export market and accounts for around 7% of all German exports.
June 7 Bloomberg reportedthat over the next ten years, the labor supply in the German labor market will decrease by 3 million people, or 7%. This will happen unless the country’s retiring citizens are replaced by a significant flow of immigrants.