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The Week in Germany: Business, Technology and the Environment

December 14, 2007

Germany’s Exports Up in October Despite Strong Euro

Photo: Colourbox

While a strong Euro has put Germany’s export sector under pressure, effective cost cutting and productivity boosting by German firms helped exports in October surge 6.3 percent ahead of last October. According to provisional data released this week by the Federal Statistics Office, German firms exported a seasonally adjusted 83.5 billion euros ($122.37 billion) in October 2007.

The euro has risen 11 percent against the dollar since the beginning of the year and recently hit a record high of $1.50, which has led some analysts to predict that it will begin to squeeze Germany’s export sector, especially when coupled with high oil prices and the US credit crunch.

While a more expensive euro does mean that the capital goods exports that are the backbone of the German economy are more costly for foreign buyers, the European market helped boost German exports with healthy demand. Eurozone countries accounted for 37.9 percent of Germany’s exports in October, and EU countries that have not yet adopted the Euro accounted for a further 19.7 percent.

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Federal Statistics Office

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