Machinery exports to the EU-28 hold their own bravely
by Hans Diederichs
Exports to the largest single market, the USA, continued to grow strongly at 10.4 percent. "On the other hand, the uncertainty of our customers caused by the US trade sanctions leaves unmistakable traces", said Dr. Ralph Wiechers, Chief Economist of the VDMA.
Exports of goods to the Middle Kingdom increased by only 0.4 percent year-on-year. Exports to the EU-28 also performed comparatively well, rising by 3.9 percent. The EU countries account for a total of 48.7 percent of German machine exports.
Exports to Sweden and Hungary grew at double-digit rates of 10.4 and 11.9 percent respectively. But exports to France - traditionally the most important partner within the EU - also increased significantly (plus 9.6 percent). Trade with the southern EU states was also very pleasing: Greece, Portugal and Spain (plus 41.9; 13.9 and 8.5 percent respectively). The figures for EU intra-EU trade are provisional as there is usually a large number of late notifications.
Country-specific causes such as a weak domestic economy and the sanctions policy are causing exports of goods to Russia to shrink (minus 13 per cent). And a recession and the fall of the lira lead to a further decline in exports in Turkey (minus 9.6 percent).
Source and photo: VDMA