Thursday, May 20, 2004

More news on everybody's dependence on ever-widening current account deficits in the Anglosphere.
Hinrich M�hlmann, chief executive, says overseas orders have risen powerfully since the beginning of 2004 and Putzmeister expects to increase its staff by 10 per cent this year to cope. "Germany stands for quality," he says. "As with German cars, people are prepared to pay premium prices." Overseas sales now account for 90 per cent of production, up from 60 per cent a decade ago.

Official statistics in recent days have confirmed that Mr M�hlmann is not alone in turning his back on a weak domestic economy to take advantage of markets in the US, Asia and elsewhere.

German exports in March were up almost 17 per cent compared with the same month a year before - one of the fastest growth rates since records began in 1950. For the three months to March, exports of goods were up almost 9 per cent while figures for the whole of 2003 showed Germany overtaking the US to regain its position as Exportweltmeister.

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