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Bavaria's export back on the road to success

09.09.2010



Munich (Aug. 30, 2010) – Bavaria's Minister of Economic Affairs, Mr. Martin Zeil, welcomes the newly published export statistics for the first semester 2010: "Our exports were able to surmount the hard losses of last year. They are now at a significantly higher level than in 2009. In May and June they even surpassed by over a quarter the total amounts of the year before. We are back on the road to success." The good foreign exchange statistics are partly due to Bavaria's export-oriented economic policy: sticking to the proven principle of an export-driven economy has proven to be a valuable choice. One year after the crisis, facts have proven experts predicting an exports' downturn wrong.

Nevertheless the current boom remains fragile because of an unsettled situation in the United States, the threat of overheating in China, and the still explosive situation of some European Union countries' excessive debt. "We cannot leave it solely to exports. In order to base our growth upon a more solid foundation, we also have to enable more breathing space to inland economy" says Mr. Zeil. This however should not bear the consequence of discarding the moderate income policy of the past few years, which would but weaken the international competitiveness of the local economy. In order to strengthen it, there is much more to implementing appropriate measures to encourage foreign investments in Bavaria, to encouraging innovation, to modernizing the work market and to limiting costs weighing upon the economy. The current discussion about the double-taxation of nuclear energy for instance are counterproductive.

Bavarian exports have globally risen by 16.4% in the first semester 2010, year-on-year. Imports on their side have gained 17.7%. All in all, Bavaria exported a total value of 68.9 billion euros, and imported 62.3 billion euros during this time.

Source: Foreign Trade Bavaria