07 June 2011 17:37 [Source: ICIS news]
The Bundesverband der Deutschen Industrie (BDI) said it raised the forecast from 7.5% after
However, despite the bullish forecast, BDI president Hans-Peter Keitel warned the country not to pursue energy policies that could put
He was referring to government plans to phase out nuclear power in the wake of March’s earthquake and tsunami disaster in
In the first quarter,
With €91bn in exports, March marked
Germany's first-quarter chemical and pharmaceutical industry exports were up 14% year on year, driven by exports to European countries, BDI said.
Despite strong year-on-year growth rates in exports to Asia, Europe remains the largest export market for
Going forward, BDI forecast strong growth in
The group also noted tough competition from South Korean firms in the market for chemical plant building and engineering.
While Germany’s chemical engineering firms still have a technological lead, South Korean firms are competing on price and are willing to take on more risks than competitors to win market share, BDI said.
Last month, Germany's chemical industry trade group, VCI, doubled its forecast for the country’s 2011 chemical production to 5.0% after a strong first quarter. VCI is a member of BDI.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|