German DIHK sees exports helping growth, protectionism a worry

Record ID: 183844

  • Title: German DIHK sees exports helping growth, protectionism a worry
  • Date: 8th February 2017
  • Summary: BERLIN, GERMANY (FEBRUARY 8, 2017) (REUTERS) DIHK MANAGING DIRECTOR MARTIN WANSLEBEN ARRIVING FOR NEWS CONFERENCE VARIOUS OF WANSLEBEN DURING NEWS CONFERENCE MEDIA LISTENING WANSLEBEN SEEN ON SCREEN WANSLEBEN TALKING TO JOURNALIST (SOUNDBITE) (German) DIHK MANAGING DIRECTOR, MARTIN WANSLEBEN, SAYING: "Well the coming, or possible trade war has got nothing to do with German
  • Embargoed: 22nd February 2017 14:44
  • Keywords: DIHK commerce protectionism trade U.S. Trump
  • Location: BERLIN, GERMANY
  • City: BERLIN, GERMANY
  • Country: Germany
  • Topics: Economic Events
  • Reuters ID: LVA00162NRONH
  • Aspect Ratio: 16:9
  • Story Text: Germany's DIHK Chambers of Commerce on Wednesday (February 8) raised its 2017 growth outlook in Europe's biggest economy to 1.6 percent, helped by a strong rise in export expectations, but warned firms worry about U.S. trade policy.
    The survey of 27,000 DIHK members, showed they expect exports to rise by 3 percent this year, up from a forecast of 2 percent in the autumn. This was the strongest rise in export expectations in three years.
    Global trade is reviving, said the DIHK, driven by momentum from the U.S. economy and growth in China.
    Export growth could exacerbate tensions with the United States, where top officials have criticised Germany and other countries for devaluing their currency to gain trade advantages.
    "Germany can't really help it if global clients want to buy German machines or chemicals or that they just find our cars good and buy them. And from our side we can prove that even when the euro was much stronger than the dollar we were successful. So caution must be exercised in these superficial discussions," DIHK Managing Director Martin Wansleben told Reuters TV.
    In the autumn, the DIHK survey put economic growth expectations for 2017 at 1.2 percent for this year.
    Possible plans by U.S. President Donald Trump to introduce protectionist measures had not yet affected German order books, Wansleben said. But added that firms were looking anxiously to see how the U.S. congress and senate would position themselves.
    "In our opinion, at least at the moment, there is a real turning point. There is opposition to an extent that we were not expecting from the economic side, including the upcoming court cases. What is for us, shall we say, alarming, is that there is such a strong reticence coming from the 'Hills.' ie from the Senate and the Congress. We expect them to take a stronger position," Wansleben said.
  • Copyright Holder: REUTERS
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