Germany Remains Biggest Global Exporter

The euro zone's biggest economy is set to retain its title as the world's leading export champion in 2004, the BGA federation of wholesalers and exporters said Thursday. That's good news at a time when the German economy is struggling with a steep slump in domestic consumer spending and rising unemployment rates. The BGA said it expected German exports to rise by 9.5 percent to €725 billion ($914 billion) in 2004, despite unfavorable exchange rates and surging oil and energy prices. Import rates, on the other hand, will only grow by 6.5 percent to €567 billion, leaving a record trade surplus of €158 billion this year, said BGA chief Anton Börner. Germany's claim to the title "World Export Champion," which it was awarded by the World Trade Organization in 2003, is unchallenged. Although Germany only accounted for 4.4 percent of global gross domestic product last year, it was responsible for 10 percent of global exports. In contrast, the US, the world's biggest economy with 21 percent of global GDP, accounted for only 9.7 percent of exports. (AFP)