Foreign exchange statistics for 2017 in Bavaria : Economic Affairs Minister Aigner : “Bavaria’s foreign exchange hit seventh record year in a row”


Foreign exchange report 2017 - www.stmwi.bayern.de

Munich   |   In 2017, for the 7th  year in a row, Bavaria’s economy posted an overall record in foreign exchange. On a year basis, the volume grew by 6.7% to 372 billion euros. Exports increased to 192.1 billion euros (+5.4%) and imports to 179.8 billion euros (+8.2%). The commercial balance surplus therefore shrinked from 16 to 12.3 billion euros.

The Bavarian Minister of Economic Affairs Ms. Ilse Aigner acknowledges these numbers as a sign that factors of instability like Brexit didn’t manage to break the positive development of Bavaria’s international commercial activities. “These numbers are evident proof of our economy’s competitiveness.” The Minister also points to the increase of imports as a positive development: “Increased imports are goods that reach our citizens.”

In the wake of persistent critical tendencies towards free trade in important markets, Minister Aigner highlights that “free trade is a warrant for welfare in the whole world”. She warns that “protectionist measures and tariffs [currently considered by the US on steel and aluminium imports] will impede the exchange of goods between countries. Bavaria’s pledge is towards free markets and fair trade rules in the international exchanges. To this end, we will use all means we can, for example at the WTO. The alternative would be an economic war, to the detriment of all.”