Germany Could Overtake US as Second Largest Exporter

Germany could overtake the United States to become the world’s second-biggest exporter this year, but its share of global trade is likely to dip as its exports lag global expansion, German chambers of commerce said on Thursday.

Europe’s biggest economy, currently the world’s third-biggest exporter after China and the United States, has seen its share of world trade fall to 7.5 percent by last year, from a post-German unification peak of 11 percent in 1991-92, according to DIHK Chambers of Commerce.

DIHK sees Germany’s share slipping to 7 percent this year and in 2014.

The German economy is rebounding after a slow patch. Data on Wednesday showed it grew 0.7 percent in the second quarter, its fastest quarterly expansion in more than a year and helping pull the euro zone out of an 18-month recession.

The second-quarter expansion, however, was mainly driven by domestic private and public consumption.

via Reuters

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