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German industry expects exports to continue growing

Souce:Xinhua Publish By Updated 18/12/2012 5:54 am in Business / no comments

 

BERLIN, Dec. 17 — German exports would continue growing by at least three percent next year, despite the debt crisis in Europe, said the Federation of German Industry (BDI) on Monday.

“German exports are above expectation. It is expected in the current year to grow by around four percent. In the coming year, we expect a growth of at least three percent in exports, ” said BDI president Markus Kerber at the presentation of BDI’s new Foreign Economic Report in Berlin.

The Berlin-based association expected exports to countries outside the EU to compensate for decline of sales within the union.

“A major threat to exports is the sovereign debt crisis in Europe. This year, exports to the EU countries have barely grown,” stated Kerber.

Exports to non-EU countries, however, rose by 11 percent in 2012, according to BDI. This year, share of German exports to countries outside the EU reached 43 percent, rising from 38 percent in 2009.

The association expected the “considerable impetus” of exports would come from the engineering units, as well as electric industry and chemical industry.

“German industry will keep its global market share in the coming year,” said Kerber, adding that BDI expected economies in Latin America and Asia to recover to a strong growth in the coming year.

The collapse of ongoing fiscal cliff talks in the United States, according to BDI, would harm the further development of German exports in 2013. It warned that budget cuts or tax hikes in the case of failure to reach an agreement would result in a contraction of U.S. economy of up to four percent, and further a reduction of imports from Germany.

 

 
 
 
 
 

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