Brexit saps German car exports: industry federation
Brexit saps German car exports: industry federation
Berlin - Egypt Today
Car exports from Europe's powerhouse economy Germany have fallen in 2017, partly due to the weaker pound undermining British demand, the head of the nation's auto industry federation said Wednesday.
"Brexit and the related lower demand in Britain caused by exchange rates" had contributed to a 2.0-percent fall in car exports, to 4.3 million vehicles, German Federation of the Automobile Industry (VDA) boss Matthias Wissmann said.
The pound sterling has recovered some of its initial plunge against the dollar and the euro following the June 2016 vote that set Britain on course to leave the 28-member bloc, but remains far short of its prior levels.
In the weeks before the vote, the pound hovered around 1.30 euros and now trades at around 1.13 euros. Against the dollar it has gone from $1.45 to $1.34.
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