Germany export growth to slow to 4% in 2012 – chamber of commerce

16 August 2012 15:03  [Source: ICIS news]

LONDON (ICIS)--Germany’s export growth is expected to slow to 4.0% in 2012, mainly because of the weakness in the eurozone, the country’s chamber of commerce said on Thursday, citing results of a survey.

In 2011, Germany’s exports grew by 8.2% year on year, and in 2010 exports rose 13.7% after declining 13.6% in 2009 during the global economic and financial crisis.

Deutscher Industrie- und Handelkammerstag (DIHK) said that the country's exporters are facing slower global economic growth this year, mainly because many eurozone countries are cutting spending and raising taxes in an effort to overcome the debt crisis.

In addition, exporters are challenged by increasing protectionism, DIHK said.

However, Germany’s many industrial exporters benefit from the relatively weak euro and from their focus on emerging markets, the chamber said. DIHK’s findings are based on a survey of its 86 affiliates abroad.

For 2013, the chamber expects Germany’s export growth at 6.0% as the global economy will strengthen.

Germany’s exports in June were €94.6bn ($116.8bn) - down 1.5% from May but up 7.4% year on year from June 2011, according the latest data from the country’s federal statistics office.

($1 = €0.81)

Paul Hodges studies key influences shaping the chemical industry in his Chemicals and the Economy Blog

By: Stefan Baumgarten
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