German trade body lifts 2015 export growth forecast to 4.5%

[BERLIN] Germany's BGA trade association raised its forecast for exports on Tuesday, expecting the weaker euro to offset uncertainty surrounding crises in Greece and Ukraine.

Exports are projected to grow 4.5 per cent this year, up from a previous forecast of 4.0 per cent, the BGA said. Imports should rise 4.0 per cent, extending the trade surplus to a record 231 billion euros (S$344 billion).

"The outcome of the Greece question will stay completely open for at least the next few months and probably beyond - with all the incalculable negative and perhaps even positive consequences for the eurozone," said BGA president Anton Boerner in a statement.

The euro sank below US$1.08 for the first time in almost twelve years on Tuesday, after the European Central Bank launched its one trillion euro bond buying programme on Monday.

REUTERS