Imports from Korea are higher than China and Switzerland
Corona 19 benefits… Diagnostic equipment imports rebound significantly
Photo = Getty Image Bank
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It was found that Germany’s total imports decreased last year due to the spread of the novel coronavirus infection (Corona 19), but imports from Korea increased by more than 10%. Amid the rapid increase in imports of medical supplies thanks to’K-Defense Prevention’, high-tech products such as electric vehicles and lithium batteries have also played a significant role.
According to the results of an analysis of data from the German Federal Statistical Office by KOTRA Frankfurt Trade Office on the 27th, last year’s exports from Germany declined 9.3% from the previous year, falling to the lowest level since the 2009 financial crisis.
Income also fell 7.1% from the previous year. This is because sluggish exports adversely affected imports of related parts and worsened consumer sentiment.
Of note, among the ten major countries that Germany imports, Korea (8th place) has increased its imports. Imports from Korea increased by 10.3% from the previous year, showing a higher growth rate than those from China (7.2%) and Switzerland (2.3%).
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 particular, immune 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, the German government provided a purchase subsidy for the sale of electric vehicles, which led to a significant increase in the import performance of Korean electric vehicles. Lithium batteries used in electric vehicles have also increased by 2%, 13% and 5% over the past three years.
In the case of laboratory reagent products, including diagnostic equipment, imports rebounded significantly due to Corona 19. In 2019, Germany reduced the import of Korean reagents by 13%, but last year increased by 1043% (as of January to November). Mask items, whose imports decreased by 47% in 2019, also increased by 2048% last year.
With the proliferation of telecommuting, computer-related items also turned into a positive import from Korea. 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.
Reporter Chae Sun-hee [email protected]
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