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German exports expected to hit record in 2015: BGA

Xinhua, October 28, 2015 Adjust font size:

German foreign trade sector remained prosperous despite uncertainties abroad and Volkswagen scandal, said a business group on Tuesday, expecting both exports and imports to hit record this year.

The Federation of German Wholesale, Foreign Trade and Services (BGA) expected German exports to increase by 6 percent to 1.191 trillion euros (about 1.32 trillion U.S. dollars) this year. Imports would also pick up by 4 percent to 947 billion euros.

"Both exports and imports will hit new records," said the business group in a statement.

According to BGA President Anton Boerner, the bright outlook of German foreign trade in a context of slowing global growth was mainly due to a weak euro, as well as demands from the European Union and the United States. Recent Volkswagen emission-cheating scandal, meanwhile, would not damage the industry so much.

"I see no long-term damage on exports from Volkswagen scandal...Luckily, the German economy is not only made up of a singer big auto maker," Boerner said, adding that small and medium-sized enterprises, which are backbones of the economy, were not impacted by the scandal. Endit