Strong euro hurts 2007 German exports

The soaring euro is hampering German exports outside of Europe, according to the latest figures from the Federal Statistics Office.

Germany’s exports outside of the euro zone slowed in 2007, as the single European currency reached new heights against the US dollar and other major currencies. Exports abroad still managed to climb 4.1 percent last year to €341.5 billion, the German Statistics Office in Wiesbaden reported on Tuesday. However, with the euro surging against the US greenback and the Japanese Yen over the past year, exports to both the United States and Japan plummeted by nearly six percent.

Exports of German goods to other EU members – either euro-zone members or with currencies less affected by the euro’s rise – increased by 11.1 percent to €627.5 billion in 2007. Overall, the seal “Made in Germany” was especially popular in France, the Netherlands and Russia last year.