Containers are seen at the loading terminal Altenwerder in the harbour of Hamburg, Germany February 3, 2016. REUTERS/Fabian Bimmer/File Photo
BERLIN (Reuters) – Uncertainty and the bureaucratic fall-out from the trade war between China and the United States is set to cost the export-oriented German economy 30 billion euros in growth this year, newspaper Die Welt reported.
The paper cited a report by the German Chambers of Commerce (DIHK) that it had seen, according to which export growth was set to be all but wiped out this year as a result of the fall-out from global trade tensions.
“In the current year we will hardly cross the zero line in terms of export growth, meaning that we will more than 30 billion euros’ less export growth compared to an already weak previous year,” DIHK president Eric Schweitzer said.
The cost in terms of added bureaucracy was also substantial, DIHK said, adding that it had provided a record 1.34 million certificates of origin this year – a time-consuming but essential procedure for exporters hoping to avoid their wares being hit by trade sanctions directed at other countries.
German exporters were also being affected by Britain’s expected departure from the European Union, DIHK said.
In the first half of the year, Britain was Germany’s eighth largest trade partner, behind Poland for the first time as businesses prepared for the re-introduction of regulatory barriers.
Reporting by Thomas Escritt, editing by Ed Osmond