BERLIN: Germany's exporters, a mainstay of Europe's biggest economy, have more than made up for the slump during the coronavirus crisis with a record result in 2021.
Despite widespread supply bottlenecks in key industries, the value of exports rose last year by 14% compared to the previous year, hitting a record 1,375.5 billion euros ($1,573 billion), according to the Federal Statistical Office.
This took exports 3.6% above the level of 2019, before the pandemic hit.
Dirk Jandura, president of the exporters' industry association BGA, described it on Wednesday as a "great result" in view of the chaos in supply chains - including in the important car manufacturing sector — and geopolitical conflicts such as the Ukraine crisis.
"However, risks will continue to accompany us going forward," he warned.
The Federation of German Industries (BDI) also said it did not expect an improvement in disrupted supply chains and high logistics costs in the short term.
"The record year in exports should not lead us down the wrong track,"said outgoing BDI chief executive Joachim Lang.
The impact of the Omicron wave on world trade as well as a recent drop in incoming orders from abroad, especially from China, was also of concern, according to the Association of German Chambers of Industry and Commerce (DIHK).
Thomas Gitzel, chief economist at VP Bank, was more optimistic, saying that "once the flow of materials gets going, we might expect even stronger export growth." Along with consumption, exports are an important pillar of the German economy.
The mood among German exporters has improved, according to the Ifo economic institute. "Almost all sectors are expecting growth. The only exceptions are textile and clothing manufacturers, printers and the food industry," Ifo president Clemens Fuest said recently. — dpa
Oman Observer is now on the WhatsApp channel. Click here
