Germany's electrical and electronics industry posted record exports throughout 2011 despite a last quarter decline in goods sold abroad. The outlook for the current year remains positive.
In 2011, German producers of electrical goods posted record exports to nations around the globe, the country's Association of the Electrical and Electronics Industry (ZVEI) reported on Tuesday.
"Throughout 2011, electrical exports soared to an all-time high of 155.3 billion euros ($208 billion)," the chief economist of ZVEI, Andreas Gontermann, said in a statement - five percent more than in the previous year.
The record result was posted despite the ongoing debt crisis in the eurozone and a resulting decline in exports to Europe in the final two months of last year. In December, electrical goods worth 12.8 billion euros were exported, down 4.5 percent compared to the month before.
Electrical and electronics goods accounted for seven percent of Germanys overall exports in 2011. The industry's exports to its traditionally most important export region, Europe, rose by only two percent last year overall.
Shift of focus
The German electrical industry was able to sell more goods to core European nations such as France, but exports to crisis-stricken southern European nation such as Spain and Italy dipped by nine and four percent respectively.
In contrast, shipments to rapidly industrializing nations experienced the biggest boost ever. Exports to those countries soared by 11 percent year-on-year, totaling 51.5 billion euros.
In that category, the lion's share of exports went to Russia - up 25 percent year-on-year, India - also up 25 percent - and China - up 17 percent.
The German Association of the Electrical and Electronics Industry is optimistic for the current year and believes that another record-breaking export rally is possible. It said in a statement that the industry's export expectations rose for the third consecutive month in February.
hg/ng (dpa, Reuters)