Exports of the German electrical industry amounted to 18.4 billion euros (20.6 billion U.S. dollars) in March, marking a year-on-year increase of 6.7 percent, the German Electrical and Electronic Manufacturers’ Association (ZVEI) have announced.
During the first quarter (Q1) of 2019, the German electrical industry’s total exports grew by 5.8 percent to a total of 54.1 billion euros compared to the same period last year.
“Exports have thus developed significantly better than new orders, production and sales, despite trade conflicts and a cooling global economy,” commented Andreas Gontermann, chief economist at ZVEI.
China remained the most important partner country for German companies in the electrical industry. Goods worth a total of 5.1 billion euros were exported to China last year, meaning a “rather modest growth” of 0.9 percent, according to ZVEI.
During the same period in 2018, companies in the German electrical industry had recorded a growth in exports to China of 13.9 percent.
Speaking to Xinhua, ZVEI economic expert Juergen Polzin said exports from the German electrical industry to China had been very strong in recent years. “The weaker growth can be seen as a counter-reaction to the recent very strong growth.”
Exports by the German electrical industry to the United States, its second largest export market, rose comparatively strongly by 12.7 percent to 4.7 billion euros in the first quarter.
“The United States are currently experiencing high economic growth, which is why a lot is being invested,” said Polzin.
The trend in the U.S. would offer good export opportunities for the German electrical industry, especially in the segment of factory automation, according to Polzin.
In the ZVEI’s latest business forecast, it was expecting the German electrical industry to “continue on its growth path”. Production of the electrical industry is set to increase by 1 percent, with sales exceeding 200 billion euros in 2019.