Germany's exports were up 9.2% in May, thanks in large part to the Euro's fall in value but also due to an increase in demand from China.
Quotes in a Financial Times article by experts emphasizing the importance of Chinese demand include:
“Without China we would hardly have seen this recovery – it’s a frightening trend,” said Hannes Hesse, managing director of the VDMA engineering association. Demand for textile machines was “almost exclusively” Chinese.
“Demand?” said Diether Klingelnberg, chairman of Klingelnberg, a maker of machine tools based near Cologne. “It’s China, China, China by a long way, then India, Brazil, then Russia – and the US remains weak, as do many of our European markets.”
The news comes on the same day that Singapore sovereign wealth fund Temasek Holdings announced it would overweight its Asian investments for the foreseeable future.
German exports jump on Chinese demand [Financial Times]
German exports rebounded in May as global recovery gained pace [BusinessWeek]