Germany 2011 exports to grow 11%, but pace is slowing – group
15 September 2011 19:13 [Source: ICIS news]
LONDON (ICIS)--?xml:namespace>Germany’s exports are forecast to rise 11% year on year in 2011, despite the current volatile financial market situation, the country’s top industrial trade association said on Thursday.
However, the Bundesverband der Deutschen Industrie (BDI) said the pace of Germany’s export growth is slowing down compared with the first six months ended 30 June, when exports rose by 15% year on year.
“We do not expect any large positive impulses for the global economy and German export business in coming months, neither from Europe nor from the US,” said BDI general manager Markus Kerber.
Kerber cited political uncertainties, which are the main cause of the financial-market turbulence.
“We are not seeing a convincing solution on how to deal with the debt crises in Greece and other European countries or in the US,” he said.
As a result, financial markets remain tense, as evidenced by rising gold prices and the upward pressure on the Swiss franc, which is seen as a safe haven by many investors, BDI said in an update and outlook report.
Meanwhile, Germany’s full-year 2011 exports of chemicals and pharmaceuticals are also projected to grow at a slower pace compared with the first half of the year.
While Germany’s chemicals and pharmaceuticals trade to emerging markets will continue to grow, full-year trade with eurozone countries – the largest market for Germany’s exporters – is expected to “flatten significantly”, the group said.
In addition, Germany’s pharmaceuticals trade with North America shows only below-average growth rates, BDI said.
Germany’s chemical producers association VCI, which is a member of the BDI, said earlier it expects the country’s chemical production to grow by 5% year on year in 2011 and sales by 10%.
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