China’s growth data may have been welcomed with a sigh of relief by markets, but it is unlikely to reassure Europe’s powerhouse Germany, which is already experiencing a rapid decline in exports to the country.
Around 6 percent of Germany’s exports go to China – its fifth largest trading partner in 2012 in terms of exports. Some 67 billion euros ($87 billion) of goods were shipped to the Asian nation last year, compared with 104 billion euros to France and 87 billion to the United States.
But China’s gross domestic product (GDP) slowed in the second quarter, coming in at 7.5 percent year-on-year, down from 7.7 percent in the first three months of the year. It followed disappointing import data for China, which missed expectations by a wide margin last Wednesday, declining 0.7 percent year-on-year in June, against a forecast of a rise of 8 percent.
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