brexit saps german car exports industry federation
Last Updated : GMT 05:21:58
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 05:21:58
Arab Today, arab today

Brexit saps German car exports: industry federation

Arab Today, arab today

Arab Today, arab today Brexit saps German car exports: industry federation

Car exports from Europe's powerhouse economy Germany have fallen in 2017
Berlin - Arab Today

Car exports from Europe's powerhouse economy Germany have fallen in 2017, partly due to the weaker pound undermining British demand, the head of the nation's auto industry federation said Wednesday.

"Brexit and the related lower demand in Britain caused by exchange rates" had contributed to a 2.0-percent fall in car exports, to 4.3 million vehicles, German Federation of the Automobile Industry (VDA) boss Matthias Wissmann said.

The pound sterling has recovered some of its initial plunge against the dollar and the euro following the June 2016 vote that set Britain on course to leave the 28-member bloc, but remains far short of its prior levels.

In the weeks before the vote, the pound hovered around 1.30 euros and now trades at around 1.13 euros. Against the dollar it has gone from $1.45 to $1.34.

Britain is the biggest export market by unit sales and the second-biggest in financial terms for German automakers, as they operate relatively few local factories in the island nation.

"We hope that the United Kingdom remains in a European market alliance, the current debate, the 'hard Brexit' line among conservatives, is not right for us or for the British market," Wissmann said.

London politicians are divided across party lines over whether Britain should remain closely aligned with EU regulations to preserve the maximum possible amount of trade with its closest neighbours -- or diverge sharply to seek advantage with partners further afield.

"We are preparing for enormous bureaucratic complications" when Britain finally does leave the bloc, Wissmann added.

Another reason for the slip in exports this year was firms moving production of some models to factories outside Germany, Wissmann said.

Foreign production by German firms is expected to grow 7.0 percent to 10.8 million vehicles this year, while manufacturing at home declines 2.0 percent to 5.6 million.

German carmakers this year accounted for around 20 percent of global car market share, or 16.4 million vehicles, and produced around half of all new cars registered in Europe, according to VDA figures.

Source:AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

brexit saps german car exports industry federation brexit saps german car exports industry federation

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

brexit saps german car exports industry federation brexit saps german car exports industry federation

 



Arab Today, arab today Modern colorful bedroom renovation

GMT 11:23 2017 Thursday ,21 December

Modern colorful bedroom renovation
Arab Today, arab today For the Variety of Interior Design Styles

GMT 11:14 2017 Tuesday ,19 December

For the Variety of Interior Design Styles

GMT 23:27 2017 Thursday ,28 September

Jordan and China discuss relations

GMT 06:29 2015 Thursday ,12 November

World Bank taps French economist for private-sector arm

GMT 11:55 2017 Sunday ,22 January

Nissan Sunny tops car sales in Egypt during 2016

GMT 10:39 2016 Tuesday ,20 September

DR Congo opposition HQs torched, at least 2 dead

GMT 13:50 2017 Thursday ,05 January

Scientists disprove global warming took a break

GMT 07:25 2016 Wednesday ,28 December

Weather averages and climate in egypt

GMT 03:36 2016 Friday ,30 September

Pakistan furious as India launches Kashmir attack

GMT 13:29 2018 Friday ,14 December

Turkey targets military over alleged Gulen links

GMT 14:49 2018 Wednesday ,21 November

Assad’s visit to Russia under consideration

GMT 14:00 2018 Saturday ,06 October

The best Nobel prize in a long time

GMT 10:21 2018 Monday ,22 January

'The Shape of Water' wins PGA best film

GMT 09:54 2018 Monday ,22 January

Monaco see off Metz to take third in Ligue 1

GMT 02:51 2018 Thursday ,04 January

ECB governor calls for tax, regulation

GMT 21:14 2016 Wednesday ,31 August

Kerry announces US-India-Afghanistan trilateral talks
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday