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German exports close to record 2008 level -DIHK

Published 08/09/2010, 04:33 AM
Updated 08/09/2010, 04:36 AM

BERLIN, Aug 9 (Reuters) - German exports will almost reach 2008's record level next year, Germany's chambers of industry and commerce (DIHK) said on Monday, forecasting that exports will jump 11 percent in 2010 and 8 percent in 2011.

"German exports are benefiting from the positive development on global markets -- above all from the rise of emerging markets supported by capital goods, stimulus packages and the relatively weak euro exchange rate," the DIHK said in a statement.

Earlier on Monday, data from the Federal Statistics Office showed that German exports rose more than expected in June, up 3.8 percent on the month, widening the trade surplus.

The data added to signs that foreign demand is driving a stronger-than-previously expected recovery in Europe's largest economy, which emerged from its deepest post-war recession in the second quarter of last year.

"Within three years, the crisis in exports will have been overcome," the DIHK said, adding the rise German exports would beat the growth in global trade.

In 2011, exports would likely reach 968 billion euros, close to the 985 billion reached in 2008, the DIHK said, adding that risks remained.

"It is necessary to keep an eye on the development of the U.S. economy, the dynamic growth in China, the savings measures in the euro zone and the scarcity of commodity offer." (Reporting by Sarah Marsh)

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