The European Central Bank on the 22nd published an economic report stating that the European Union's share of global goods exports is declining as Chinese companies strengthen their competitiveness in high-value-added and high-tech products. The trend is pronounced in machinery and transport equipment, and within the EU, German companies are suffering the biggest blow. China is gaining ground in markets where export-oriented European companies have long held a strong presence, and as its domestic production expands, its imports of European goods are also falling. According to the ECB, among major EU countries, Germany's export mix is similar to China's, while Italy's is less so, and the impact on smaller member economies such as Ireland and Greece is limited. The report said the findings show intensifying competition in sectors such as automobiles and industrial machinery that have driven the European economy for decades. It analysed that the decline in exports to China is most pronounced in regions integrated into the value chains of Europe's manufacturing and automotive industries, such as Germany and Central Europe.
