Unless otherwise defined, this refers to the percentage of a country’s gross domestic product accounted for by exports (the percentage of goods [visible exports] or services [invisible exports] sold to foreign countries, related to gross national product). – The high export share of capital goods in Germany harbors dangers. This is because demand for such goods is – subject to particularly strong fluctuations (oscillations: vibrations above and below a mean value) in the course of the business cycle and – at the same time highly dependent on financial sector services, especially advance financing. – See current account, unit value ratio, terms of trade, exchange rate. – Cf. ECB Monthly Bulletin of December 2008, pp. 102 et seq. (recalculation of indices for industrial import prices and industrial producer export prices in the euro area; overviews), Deutsche Bundesbank Monthly Bulletin of August 2010, p. 51 (effects of the financial crisis), Deutsche Bundesbank Monthly Bulletin of July 2011, p. 17 et seq. (development of exports to EU countries since 1999), Deutsche Bundesbank Monthly Bulletin of October 2011, pp. 41 ff. (Germany’s external position; many overviews), Deutsche Bundesbank Monthly Report of November 2012, p. 12 ff. (weight and influence of the euro area in world trade), ECB Monthly Report of January 2013, p. 77 ff. (export structure in EMU; overviews; references), ECB Monthly Report of June 2013, p. 79 ff. (euro area exports since 1999; overviews).
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