Exports to Asia grew almost 10% yoy
Exports to Asia grew almost 10% yoy, i.e. Quite strongly in comparison to both
the relatively subdued growth rates of the last few years and to shipments to
other regions.
Chinese demand was up by an above-average rate of c. 14% as
the country’s economy stabilised. Owing to this development, the Chinese
market is on its way towards replacing the UK as the third-largest export market.
Exports to the UK declined again by c. 3%, as in 2016. The significant sterling
depreciation and political uncertainties are leaving their traces. Exports to the
US, which are still the most important market (their share in total exports
amounts to almost 9%), grew by roughly 4%. While the euro appreciation
prevented even stronger growth, this figure is roughly in line with the long-term
growth momentum of US exports. Exports to France, the second-largest market,
stagnated ahead of the French presidential elections.
Following Macron’s
victory, they rose palpably, sometimes at a two-digit rate year-on-year. This
acceleration during the course of the year was not limited to France. Rather, it
took place in Europe as a whole. In 2017, exports to countries inside and
outside the euro area rose by c. 6%, i.e. The strongest rate since 2012.
EU Forecast
euf:ba18h:110/nws-01