Germany: 'We can beat US in export rankings'
The Local · 16 Aug 2013, 10:38
Published: 16 Aug 2013 10:38 GMT+02:00
- German economy returns to growth after slump (14 Aug 13)
- German manufacturing soars in June (07 Aug 13)
- ECB: Euro banks 'show signs of healing' (24 Jul 13)
Europe’s biggest economy is currently the world’s third largest exporter after China and the US.
But the Association of German Chambers of Commerce and Industry (DIHK) said in a statement on Thursday that the country could leap into second place, as the value of German exports measured in US dollars would increase with the strengthening of the European economy.
DIHK foreign trade head Volker Treier said: "The drought for Germany’s exporters is over. German exports will increase this year achieving growth of two percent.” He was also hopeful for export growth of four percent in 2014.
Treier added that Germany had the impetus to push the US into third place this year as trade is calculated in US dollars and a strong euro meant the value of Germany’s exports would increase when converted into US dollars.
But despite the growth in exports the DIHK said Germany’s share of world trade was likely to slip by 0.5 percent to seven percent this year.
The growth in German exports is not enough to match the growth in world trade and is slightly behind forecasts of a six percent increase in German exports for 2014, it said.