German Electronics Buck Economic Uncertainty
Amidst all the uncertainty created by trade conflicts, particularly between the US and China, the electronics industry in Germany is proving remarkably robust. According to the Industry organization ZVEI, Germany exported 54.1 billion euros worth of electronics in the first quarter of 2019 – up 5.8 percent over the same period in 2018. Growth in March was a particularly impressive 6.7 percent. German electronics imports also rose that month by 8.4 percent.
Driving the growth in exports were goods shipped to industrialized countries. China remains the biggest buyer (5.1 billion euros) of German electronics. But the largest percentage increase (12.7%) came in exports to the US, which purchased 4.7 billion euros of German electronic products.
“The Q1 figures show how resistant the German electronics industry is proving to the current global economic uncertainty,” says Jerome Hull, expert for the German electronics and microtechnology industry at Germany Trade & Invest (GTAI). “What’s more the increases came across the board to the ten countries to which Germany exports the most electronic goods.”
For more information, see the brand new GTAI fact sheet on the German electronics industry here
Workers inspecting circuit board negative sheet in circuit board factory © Monty Rakusen/Getty Images