German electrical industry exports to China grow 11.1 pct in August

BERLIN, Oct. 20 (Xinhua) -- Exports of the German electrical industry to China in August increased by 11.1 percent year-on-year to 2.1 billion euros (2.4 billion U.S. dollars), the Electrical and Electronic Manufacturers' Association (ZVEI) said on Wednesday.

China remained the largest customer for German electrical exports. In the first eight months of the year, exports to China grew in double digits and were up 10.6 percent at 16.5 billion euros, according to ZVEI.

At the same time, China also continued to be the largest import partner of the German electrical industry, with imports rising 19 percent year-on-year to 5.3 billion euros in August, according to ZVEI.

According to provisional data by the Federal Statistical Office (Destatis), the total volume of all goods imported to Germany from China even increased by 20.4 percent year-on-year and reached 11.4 billion euros in August.

However, prospects for trade were worsening, the Kiel Institute for the World Economy (IfW Kiel) announced on Wednesday. Around 9 percent of freight capacity worldwide was tied up in container congestion, including empty container ships waiting to be loaded.

More than 3 percent of all goods to be shipped would be stuck in ships waiting to depart. Cargo volumes in the Red Sea, the main sea trade route between China and Europe, were currently around 10 percent lower than expected under normal circumstances, according to IfW Kiel.

"In response to increased demand and supply bottlenecks, many large retailers and manufacturing companies are currently ordering goods to replenish stocks, which further ties up the limited capacities in the transport network," said Vincent Stamer, head of Kiel Trade Indicator. (1 euro = 1.16 U.S. dollars)