6/25/2010

Martin Zeil, Bavaria’s Minister of Economic Affairs on the Bavarian foreign trade figures for the first quarter of 2010

 MUNICH Martin Zeil, Bavaria’s Minister of Economic Affairs, commented on the Bavarian foreign trade figures for the first quarter 2010 as follows: “During the first three months of this year, the Bavarian export sector recovered from the heavy setbacks of 2009. All in all, exports are well above the level of the previous year.” Exports were thus proving to be the driving force behind the cyclical trend, so the Minister. The Free State is profiting on a greater-than-average scale from a global economy that is growing once again, mainly in the BRIC countries and other fast-developing nations.

The positive foreign trade figures prompted Zeil to observe: “The fact that the Bavarian companies have recognised and seized their opportunities in the growth markets is now paying off. The innovative, technologically excellent top-products and complex system solutions that Bavarian industry has to offer are precisely what is needed by the growth markets of the future.” ‘Made in Bavaria’ was a strong brand all around the globe, he said.

Zeil: “Both now and in the future, we will provide constant support for industry in opening up the world’s growth markets. A strong foreign trade creates growth and jobs in Bavaria.” Priorities in this field are initiatives for newcomers to the export business, increased internationalisation of service providers and the extension of the worldwide network of representations abroad.

In the first quarter of 2010 Bavarian exports increased by a total of 8.4 percent compared with 2009, and imports by 8 percent. All in all, Bavaria exported goods worth € 32.3 billion and in turn imported goods for € 29.3 billion. The volume of exports to Asia in particular has increased substantially with a growth-rate of 33.2 percent. With an increase 4.2 percent, exports to Europe, and here especially to the member states of the European Union, are once again back on the path to growth. The picture in the EU, however, is mixed one. While exports to Slovakia (+38.7%), to Portugal (+ 34.3%), Great Britain (+ 18.7%) and the Netherlands (+ 17.4%) made significant gains, other countries like Bulgaria (- 38.4%), Lithuania (- 32.8%) and Estonia (- 22.4%) have once again lost ground. All in all, the development of trade with Central and Eastern Europe was relatively weak in the first quarter. Exports decreased by 12.6 percent. “Many countries of Central and Eastern Europe are still suffering considerably from the effects of the financial and economic crisis. Our Bavarian companies are also feeling the effects of this. With a drop of 3.5 percent, exports to the USA are also still suffering from the effects of the burst property bubble”, said Zeil in conclusion.

Source: Invest in Bavaria

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