According to the Eurasian Rail Alliance Index, almost 117.6 TEUs were transported from China to Poland last year, which is 34.11% less than the previous year. Germany experienced an even more significant decline, with a reduction of 80% (less than 13,000 TEUs transported).
The EU sanctions against Russia and Belarus hindered trade at the eastern border, especially at the Terespol/Brest border crossing, which was the main transportation hub for cargo transshipment to and from China and Europe.
The European Commission has already announced investments by European and international financial institutions in the development of the international Trans-Caspian International Transport Route connecting Europe and Central Asia as an alternative to the transport routes through Russia and Belarus. The Global Gateway Investment Forum for the EU-Central Asia transport ended on January 31, with the European Commission collecting €10 billion in commitments from the international community for the Trans-Caspian International Transport Route, which will allow the project to be launched in the coming months, Deutsche Welle reports on its website.
That being said, the PRC is likely to lose its status as Germany’s main trading partner in 2024, which it has consistently held since 2016. This forecast was made by the experts of Germany Trade & Invest (GTAI), the German government’s foreign trade agency. The trade with the United States grew moderately last year, while the trade with China decreased sharply, with the imports of Chinese goods collapsing at once by 19%, or approximately €36 billion.
Sources: trans.info, dw.com