Electrical industry: exports up – growth pace slower

"However, the growth rate for August was lower than in the first seven months of 2015, when we were looking at an average of eight percent," said ZVEI Chief Economist Dr. Andreas Gontermann. Cumulatively for January-August 2015, the industry exports increased by 7.7 percent to EUR 114.6 billion (compared to the same period last year. Imports of electrical and electronic products into Germany have shown double-digit increases in August. Figures increased by 14.5 percent to reach EUR 11.8 billion. Cumulatively for January-August 2015, figures increased by 13.0 percent to EUR 103.3 billion. For August, the developed countries registered – with EUR 8.3 billion – 4.9 percent more German electrical exports than in 2014. Increases were reported for Hong Kong (+24.9 percent to EUR 138 million), Spain (+22.1 percent to EUR 385 million), Denmark (+ 17.8 percent to EUR 178 million), Sweden (+13.5 percent to EUR 284 million), with Switzerland (+13.2 percent to EUR 501 million), the USA (+ 11.8 percent to EUR 1.3 billion), the Czech Republic (+ 11.3 percent to EUR 517 million) and the UK (+ 10.0 percent to EUR 749 million). The electric exports into France stagnated at EUR 773 million. Exports to the euro zone however increased by 2.7 percent (YoY) EUR to 3.7 billion. Strong declines were recorded for exports into Taiwan (-25.5 percent to EUR 108 million), South Korea (-17.6 percent to EUR 194 million) and Japan (-11.4 percent to EUR 194 million).