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Issue Report

Collection of full-length papers and in-depth analysis of economic and management issues.

Germany’s Robust Exports & Implications For Korea

Germany’s Robust Exports & Implications For Korea

KIM Deuk-Kab

Oct. 22, 2007

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Exports have long been the backbone of the German economy, the largest in Europe and the third largest in the world, accounting for 45% of GDP. Between 1999 and 2006, exports comprised nearly 80% of real GDP growth in accumulated terms, offsetting a protracted slump in domestic demand (2001-2005) and sparking private investment and consumption by the end of the time period.

In 2003, Germany replaced the US as the world’s largest exporter despite average annual growth in exports of less than 4%. The following year, exports shifted into high gear. Between 2004 and 2005, the growth rate leaped 10.1%. In 2006, exports did even better, rising 13.7% (893.6 billion euros), the best performance since 2000, when exports rose 17.1%. Moreover, Germany retained its position as the No. 1 exporter for a fourth consecutive year.

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