A study by an industry association has shown China is about to become Germany's most important market for electric and electronic goods. The Asian nation is expected to soon import more than the US from Germany.
A ten-year market survey by theGerman Electrical and Electronic Manufacturers' Association (ZVEI)
revealed Monday China had become more and more important as an importer of German goods in the sector over the past decade.
The study said German electrical companies posted an overall export volume of 158.3 billion euros ($218.1 billion) in 2013, compared with 128.6 billion euros back in 2004.
Last year, exports to China surged to 13.1 billion euros, just below the 13.2 billion euros worth ofelectrical and electronic goods
shipped to the United States, with ZVEI expecting the Asian nation to overtake the US in the course of this year for the first time.
Reshuffle at the top
Back in 2004, the top export market for German firms in the sector was France, followed by Britain and the US, the study said.
But while France had continued importing an almost unchanged volume of 11.5 billion euros annually, it had dropped to third place by 2013 because of German companies' far bigger overall exports.
ZVEI noted the current three importers accounted for over a quarter of German exports, with another 30 percent going to the UK, Austria, the Netherlands and seven other mainly European nations.