Germany’s Munich Economic Research Institute (Ifo) estimates that China’s trade surplus last year was 310 billion US dollars, ranking first in the world. According to a report from the Institute obtained by Reuters, Germany’s trade surplus last year was 261 billion US dollars, ranking second; Japan ranked third with 158 billion US dollars.
The main reason why China surpassed Germany last year was the economic recession of Germany’s important trading partners, which led to a sharp drop in German exports.
The author of the research report, Chrisian Grimme, told Reuters that Germany’s traditional surplus in trade in goods fell by US$34 billion last year compared to 2019. However, China’s exports increased during the global economic recession caused by the epidemic last year.
The reason is that commodities produced in China, the export champion, have increased in demand during the epidemic. As more people work at home, the global demand for laptops and screens is increasing.
Grimme pointed out, “On the one hand, the sales of electrical appliances such as data processing products have increased; on the other hand, the global demand for medical protective equipment is also increasing.