“China is still an important market for German companies”
Siegfried Russwurm, President of the German Industry Federation (BDI), reported that exports of German industry are likely to lag behind global trade growth by 2 percent this year.
A report on industrial production and trade in industrial products was prepared by BDI. Presenting the report at the Hanover Industry Fair, Russwurm said that the growth momentum in the German economy is still extremely low at the moment.
“Germany’s competitiveness is declining,” Russwurm demanded less “bureaucracy” from the German government. warned.
BDI President Russwurm reminded that global trade is expected to increase by 2.5 percent this year, and stated that they expect Germany’s industrial exports to increase by 2 percent this year compared to last year.
Pointing out the importance of the industry for the German economy, Russwurm said, “We are losing world market shares again because world trade is growing faster than our exports.”
German business demands less bureaucracy
Russwurm also reported that they expect to see a 1 percent increase in Germany’s industrial production this year.
BDI President Russwurm emphasized that the industry in Germany needs a reduction in bureaucracy, visible tax cuts and a reliable and affordable energy supply for further investment and said, “The high electricity price in the industry must urgently return to a level that can compete in Europe, otherwise the transformation in the industry. is in danger of failing,” he said.
Stressing that there is a broad consensus that the German industry needs China, Russwurm said, “China is still an important market for German companies and will be.”
In its previous forecast, the BDI had forecast the country’s exports to grow by 1 percent this year. Germany’s exports increased by 3 percent last year compared to 2021.