It is not the first time that we discuss the high trade surplus that Germany reaches with the United States – from the perspective of the United States (see for example our detailed analysis of foreign trade between the United States and Europe with special reference to Germany here). On April 9 the U.S. Department of the Treasury Office of International Affairs has once again criticised the one-sided orientation of Germany and now of the European Monetary Union (EMU), too (see our article yesterday, which falls back to the original source here). According to the latest statistics from the United States Census Bureau, the development of foreign trade between the US and Germany has further aggravated. While imports of the United States from Germany continued to rise sharply, US exports to Germany stagnate or are even declining. The – from the perspective of the US – negative difference between exports and imports is a corresponding increase in aggregate debt of the United States. An unsustainable external imbalance. Not only does the mere empiricism the US Treasury right, which illustrates the graph below, but also the economic logic behind this development, as our article yesterday has shown, drawing on our own analysis and the report of the U.S.-Treasury to the Congress.
Click to enlarge chart.
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