German auto exports slump in 4th quarter of 2008

Special Report:Global Financial Crisis　

BERLIN, March 5 (Chinese media) -- The auto exports of Germany, the world's major vehicle exporter, slumped by 20 percent year-on-year in the 4th quarter of 2008, German Federal Statistical Office said Thursday.

The sharp decline reflects the crisis the German auto industry is facing as the Wiesbaden-based office said motor vehicles and parts are the "most important" export goods for the world's top exporter.

According to provisional data of the office, Germany exported motor vehicles and parts worth 174.1 billion euros (218.6 billion U.S. dollars) in 2008, down 5.4 percent compared to 2007.

During the first and second quarter of 2008, Germany's auto exports still recorded year-on-year jump of 1.6 percent and 3.9 percent respectively, but during the third quarter, exports dropped by 7.1 percent over the previous year.

Earlier this year, several auto-making giants like Mercedes, BMW and Volkswagen announced temporary production halt and Opel, the German subsidiary of GM, is still seeking government's bail-out deal.

However, the statistical office said the share of auto exports in Germany's total exports still accounted for 17.5 percent in 2008, ranked first among all sectors, followed by machinery (14.8 percent) and chemical products (13.9 percent).