Exports to Breach $1.3 Trillion in Sales for 2011, Shrugging Off Debt Woes
German exports in 2011 will probably breach the 1 trillion euro ($1.3 trillion) level for the first time as demand from developing states offsets waning sales in Europe, the BGA Exporters and Wholesalers said.
Export sales will likely grow 12 percent this year to 1.075 trillion euros from last year and expand at least 6 percent in 2012 to 1.14 trillion euros, the Berlin-based group said today in presenting its outlook. This year’s sales will yield a trade surplus of 156 billion euros, or 3 billion euros more than in 2010, the group said.
“Emerging markets are hardly impacted by the debt crisis and are continuing to invest strongly in future technologies,” the BGA said in a statement. The group, led by President Anton Boerner, urged euro-region leaders to fight to save the euro from which German exporters “profit massively.”
The euro region accounted for about 40 percent of the country’s foreign sales in 2010.
Germany would pay a “massive economic price” if the euro collapsed, robbing exporters of a competitively priced currency, the group said. German Finance Minister Wolfgang Schaeuble has said the price of the nation’s exports would climb if the deutsche mark was reinstated as its currency.
Exports led the German economy, Europe’s largest, out of recession in 2009. The economy may grow over 3 percent this year after export growth sparked domestic demand. Economic growth will slow to 1 percent in 2012, according to government forecasts that cite flagging demand in the 17-state euro region.
Surging commodity prices helped push up the cost of German imports this year by 14 percent to 919 billion euros, the BGA said.
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