FRANKFURT AM MAIN, Germany, February 24, 2016 /PRNewswire/ --
The US-business of the German electrical industry has developed dynamically in 2015. Exports increased in 2015 by 16.4 percent to 15.9 billion euros. As a result, the United States is again the largest foreign market for the industry, China slipped to second place. Overall, exports increased over the same period by 6.7 percent to 174.1 billion euros. Imports from the US grew sharply by 16.6 percent to 10.4 billion euros. After China, the country is the second most important supplier for the German market. "Trade relations between the two countries are developing energetically," says Dr. Klaus Mittelbach, Chief Executive Officer of ZVEI management. "Since the crisis of 2009, the electrical industry has increased its exports to the United States by about 80 percent."
ZVEI - German Electrical and Electronic Manufacturers´ Association - is convinced that through the transatlantic trade partnership TTIP, the good trade relations between the two countries can be further expanded. However, it is essential that existing tariff and non-tariff trade barriers are eliminated. For the German electrical industry in particular, it is crucial that existing barriers to market entry are removed. "The market approval in the United States is in need of reform - TTIP must create a level playing field for all market participants," explains Dr. Mittelbach. "Instead of a hasty recognition of the currently different standards, harmonisation of existing technical regulations shall be aspired to."
TTIP is a great opportunity for Europe. ZVEI expects the free trade agreement to spur additional stimulus for growth and investment. A joint study with the German bank Helaba shows that previous agreements have regularly been positive on exports of the electrical industry. "TTIP can not only strengthen Europe's economy," said Dr Mittelbach. "We have close historical, political and cultural ties which connect us to United States. A well-negotiated free trade agreement based on partnership may on the whole inject new vigour to the transatlantic relations.
ZVEI: manufacturer´s association of Germany´s most innovative industry
The 'ZVEI - German Electrical and Electronic Manufacturers' Association' promotes the industry's joint economic, technological and environmental policy interests on a national, European and global level. The ZVEI represents more than 1,600 companies, mostly SMEs.
The sector has about 850,000 domestic employees in Germany plus nearly 680,000 employees all over the world. In 2015 the turnover was Euro 178.5 billion.
The electrical and electronics industry is the most innovative industry sector in Germany. One-third of the industries sales are based on new products. Every third innovation in Germany´s manufacturing sector stems from solutions of this sector. More than 20 percent of all industrial R+D spending comes from this industry.
Contact person for the press: Thorsten Meier, Phone: +49-162-2664902
SOURCE ZVEI - German Electrical and Electronic Manufacturers‘ Association