The German Statistical Bureau reported that in 2015 the US was the major export direction for Germany. Due to an economic advance in the US and the weaker euro, America outran France on this indicator for the first time since 1961.
Last year Germany boosted exports to the US by 19%, to 114 billion euros ($127 billion), while its exports to France rose by only 2.5%, to 103 billion euros.
For the first time in more than 50 years France fell short of being the main trading partner of Germany. Moreover, economists forecast that the situation is unlikely to change in near future.
Expert from the German Institute for Economic Research DIW Simon Junker supposes that a jump in the US demand for German goods stems from a stable growth rate of the US economy.
In 2015 the world’s largest economy grew by 2.4%. The OECD expects the US economy to expand by 2% this year.
At the same time, France’s GDP rose by only 1.1% within the prior year, and according to the OECD, this year the French economy is likely to gain 1.2%.
Since mid-2014 the single currency has lost almost 20% against the US dollar. The depreciation is caused by the monetary policy of the European Central Bank. According to Junker, the decline of the euro led to dramatic increase in foreign demand.
Meanwhile, being a eurozone’s member, France never had a chance to benefit from the weak euro, trading with Germany.
