Thursday, October 12, 2006
Germany to be leading export nation in 2006
BERLIN: Germany will again be the worldââ¬â¢s largest exporter of goods this year, for the fourth year in a row, the DIW economic research institute said on Wednesday.
In the first half of 2006 export of goods rose 13 percent to 432 billion euros ($542.2 billion) in Europeââ¬â¢s largest economy, mainly driven by the auto and machinery industry, the DIW said.
German luxury carmaker BMW, for example, said on Wednesday sales in China had jumped 56 percent in the first nine months of 2006, outperforming its 2005 full-year sales already.
Meanwhile, imports for the first half of 2006 grew with 19 percent to 354 billion euros, at a faster pace than exports, due to higher raw material costs, for example for oil and gas, DIW said.
Overall, Germanyââ¬â¢s trade surplus widened slightly in August to 12.1 billion euros from 12.0 billion euros in July, data from the Federal Statistics Office showed earlier this week, suggesting that foreign trade has continued to boost growth in the third quarter.
While Germany was strong on export of goods, it lacked behind the United States and Britain in terms of export of services.
High-quality services, such as financial services, were increasingly traded on an international basis, while the producing industries, which are of importance for Germany, would lose momentum, the DIW said. The main recipient of German exports are countries within the European Union, counting for 63 percent.
http://www.dailytimes.com.pk/default.asp?page=2006\10\12\story_12-10-2006_pg5_18
Germany to be leading export nation in 2006
BERLIN: Germany will again be the worldââ¬â¢s largest exporter of goods this year, for the fourth year in a row, the DIW economic research institute said on Wednesday.
In the first half of 2006 export of goods rose 13 percent to 432 billion euros ($542.2 billion) in Europeââ¬â¢s largest economy, mainly driven by the auto and machinery industry, the DIW said.
German luxury carmaker BMW, for example, said on Wednesday sales in China had jumped 56 percent in the first nine months of 2006, outperforming its 2005 full-year sales already.
Meanwhile, imports for the first half of 2006 grew with 19 percent to 354 billion euros, at a faster pace than exports, due to higher raw material costs, for example for oil and gas, DIW said.
Overall, Germanyââ¬â¢s trade surplus widened slightly in August to 12.1 billion euros from 12.0 billion euros in July, data from the Federal Statistics Office showed earlier this week, suggesting that foreign trade has continued to boost growth in the third quarter.
While Germany was strong on export of goods, it lacked behind the United States and Britain in terms of export of services.
High-quality services, such as financial services, were increasingly traded on an international basis, while the producing industries, which are of importance for Germany, would lose momentum, the DIW said. The main recipient of German exports are countries within the European Union, counting for 63 percent.
http://www.dailytimes.com.pk/default.asp?page=2006\10\12\story_12-10-2006_pg5_18
