Rösler: Export credit guarantees prove their worth in difficult market environment
In spite of the difficult situation on the global markets, German exports perceptibly grew in the last two years and regained the pre-crisis level. The German federal government also contributed to these good results by providing export credit guarantees ("Hermes cover") to insure German exports worth 29.8 billion euros in 2011. This was the second highest value since this support instrument was launched 62 years ago. Apart from the export industry, the German federal budget again benefited from this trend: It was possible for the thirteenth time in a row to achieve an annual surplus owing to the instrument. 519 million euros were transferred to the federal budget.
Federal Minister of Economics and Technology Dr. Philipp Rösler said: "Export credit guarantees are of crucial significance especially in the current difficult global economic environment. They foster the competitiveness of German export companies and secure jobs. In this context, I am particularly pleased that according to a survey carried out by the Munich-based Ifo Institute Hermes guarantees have a very positive impact in terms of employment on small and medium-sized exporters."
In 2011, Turkey accounted for the largest insurance volume (4.83 billion euros), followed by Russia (2.57 billion euros) and China (2.27 billion euros). Hermes guarantees are also very important for exports to emerging economies and developing countries. In 2011 - like in the preceding years - they accounted for more than two thirds (22.4 billion euros) of the total volume for new guarantees.