China surpasses Germany to become the world’s largest exporter of machinery and equipment

China surpasses Germany to become the world's largest exporter of machinery and equipment

According to a report by the German “Le Monde” on July 7. According to the latest research by the German Machinery and Equipment Manufacturing Federation (VDMA), China will surpass Germany for the first time in 2020 to become the world’s most important exporter of machinery and equipment.

Data show that the global machinery foreign trade volume in 2020 is about 1.05 trillion euros. Due to the new crown epidemic, this value has decreased by nearly 10% year-on-year. Among them, China exported 165 billion euros, accounting for 15.8%. Germany exported 162 billion euros, accounting for 15.5%. This is the first time that China’s machinery and equipment foreign trade data leads. In 2019, Germany led China by 1.4 percentage points.

China’s machinery and equipment are no longer only exported to emerging countries such as Africa and Asia. In Germany, China is now also the largest foreign supplier. The strong economic recovery in the EU this year may enable German machinery and equipment exporters to regain the title of champion.