Germany set to remain biggest exporter
BERLIN: Germany, the euro zone's biggest economy, looks set to retain its title as the world's export champion in 2004, the BGA federation of wholesalers and exporters said Thursday, but cautioned that foreign demand for German-made goods could slow next year.
BGA said it expected German exports to rise by 9.5 per cent to 725 billion euros ($914 billion) in 2004, despite unfavourable exchange rates and surging oil and energy prices.
With imports expected to grow by 6.5 per cent to 567 billion euros, Germany would therefore run up a record trade surplus of 158 billion euros this year, BGA chief Anton Boerner told a news conference here.
The previous record was set in 2002 when the German trade surplus stood at 132.8 billion euros.
Germany's claim to the title "world export champion", which it was awarded by the World Trade Organisation in 2003, looked likely to remain secure again this year.
Last year, Germany accounted for only 4.4 per cent of global gross domestic product (GDP), but accounted for 10 per cent of global exports.
