Exports Carry Autos Recovery

BMI's view of export-driven demand, rather than domestic sales, being the driver of the German economic recovery has played out. Estimates from the country's auto industry association (VDA) show that passenger car sales in Germany fell a staggering 29% year-on-year (y-o-y), to 1.70mn units, during the first seven months of this year. Demand for exports was quite the opposite -- growing 34% y-o-y, to 2.48mn units, during the same period. This helped drive domestic production to a sound recovery, with carmakers producing 19% more vehicles, to 3.24mn units, in the seven-month period.

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