The logo of Russia's energy giant Gazprom is seen at a petrol station in Moscow, Russia, on April 28, 2022. (Photo by Alexander Zemlianichenko Jr/Xinhua)
Russian energy giant Gazprom said on Monday that it would further reduce gas flows via the strategically important Nord Stream 1 pipeline. Due to a missing turbine, from Wednesday volumes are to be lowered from 40 percent to 20 percent of capacity, or 33 million cubic meters per day.
BERLIN, July 26 (Xinhua) -- Sentiment among German exporters has "darkened again" as their expectations fell from plus 3.4 points in June to minus 0.5 points in July, the Munich-based ifo Institute for Economic Research said on Tuesday.
"The gas shortage is putting a strain on German exports," ifo President Clemens Fuest said. Around half of the companies surveyed by ifo expected exports to shrink.
Russian energy giant Gazprom said on Monday that it would further reduce gas flows via the strategically important Nord Stream 1 pipeline. Due to a missing turbine, from Wednesday volumes are to be lowered from 40 percent to 20 percent of capacity, or 33 million cubic meters per day.
A man fuels a vehicle at a gas station in Berlin, capital of Germany, on May 11, 2022. (Photo by Stefan Zeitz/Xinhua)
There is "growing skepticism about export markets" in many sectors of Europe's largest economy. German automotive companies and manufacturers of machinery and equipment, on the other hand, still expect "moderate" export growth, according to the ifo Institute.
As in previous years, motor vehicles and parts were Germany's most important exported products in 2021, accounting for 15.3 percent of total exports with a value of 210.2 billion euros (213 billion U.S. dollars), according to official data.
International automotive markets showed a "mixed overall picture" in the first half of the year, according to the German Association of the Automotive Industry (VDA). Passenger car markets in the United States, Europe and Japan were down significantly, while China recorded growth.
A Mini electric car is on display at the BMW outdoor booth during the International Motor Show Germany (IAA Mobility) in Munich, Germany, Sept. 8, 2021. (Xinhua/Lu Yang)
"Disrupted value and logistics chains continue to impact markets and production, with the shortage of semiconductors in particular having a limiting effect," the association said. The high price dynamics in the United States and Europe were "additionally burdening the markets."
Nevertheless, German manufacturers of data processing equipment and electronic as well as optical products even expected "major increases in exports."
According to the German Electro and Digital Industry Association (ZVEI), exports in May were up 11.9 percent year-on-year and reached 19.1 billion euros. "This was the industry's first double-digit export growth in the current year," ZVEI chief economist Andreas Gontermann said.
Exports of the German electrical and digital system producers to China, the industry's top customer country, rose by 9.2 percent to 2.2 billion euros in May, according to ZVEI. (1 euro = 1.01 U.S. dollars)
A hydrogen energy plane is seen during the Hannover Messe in Hannover, Germany, May 30, 2022. (Xinhua/Ren Pengfei)■
