Korea ranked first in the growth rate of German imports… Increased imports of medical supplies and high-tech products
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It was found that Germany’s total imports decreased last year due to the economic recession caused by Corona 19, but imports from Korea increased by more than 10%.
Imports of medical supplies increased due to the K-prevention effect, and high-tech products such as electric vehicles and lithium batteries were also promoted.
As a result of an analysis of data from the German Federal Statistical Office by KOTRA Frankfurt Trade Office on the 27th, Germany’s exports in 2020 declined 9.3% from the previous year, falling to the lowest level since the 2009 financial crisis.
As such sluggish exports adversely affected imports of related parts and worsened consumer sentiment due to the economic downturn, imports also decreased by 7.1% from the previous year.
Among the 10 major countries imported by Germany, only Korea (8th), China (2nd) and Switzerland (4th) saw an increase in imports.
In particular, imports from Korea increased 10.3% year-on-year, showing higher growth rates than those from China (7.2%) and Switzerland (2.3%).
The European Union (EU), Germany’s number one importer, fell 7.9%, and the United States, which is third, fell 3.9%.
Looking at German imports from Korea by item, the growth rate has more than doubled in 20 items with imports of over 1 million dollars as of January to November 2020.
In addition, 27 items, including medical supplies, electric vehicles, and lithium batteries, have been imported from Korea for the third consecutive year since 2018.
Immunization serum and corona 19-related immunity products have increased rates of 614%, 1109%, and 153% over the past three years.
During the same period, electric vehicle imports increased by 69%, 59% and 80%.
Last year, thanks to the German government’s subsidies for purchasing electric vehicles, imports of Korean electric vehicles have grown significantly.
Lithium batteries used in electric vehicles have also increased by 2%, 13% and 5% over the past three years.
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There are also Korean-made products that have benefited from Corona 19 and imported rebound.
Laboratory reagent products including diagnostic equipment are typical.
In 2019, Germany reduced the import of Korean reagents by 13%, but last year it increased by a whopping 143% (as of January to November).
Mask items, whose imports decreased by 47% in 2019, also increased by 2,48% last year.
Due to the spread of telecommuting due to Corona 19, Korean imports of computer-related items also turned to positive.
Computer memory items such as HDD and SSD rebounded from 11% decline to 61% increase, and electronic circuit-related parts declined 2% to 10% increase.
KOTRA said, “It is expected that future cars, semiconductors, PCs, and related parts and equipment will grow in Korea this year as Germany encourages eco-friendly industries, digital transformation, and expansion of the non-face-to-face economy.”
“It will be difficult to expect an explosive increase in performance for immunity products like last year.” He advised.
/yunhap news
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