The Association of German Chambers of Industry and Commerce has cut its export forecast, mainly because of the consequences of the Ukraine war.
The previously forecast German export growth of six percent for 2022 can no longer be achieved, said DIHK foreign trade chief Volker Treier on Thursday.
Even before the war there were global delivery problems and bottlenecks, which have now been intensified.
In addition, the western sanctions against Russia, which are supported by the German economy, also burden German companies.
Treier said the sanctions would amount to a "full embargo".
Because of the war, there are also production interruptions in German car plants because important parts from suppliers in Ukraine are missing.
Alexander Markus, CEO of the German-Ukrainian Chamber of Commerce and Industry, said he expected there to be more disruptions to supply chains.
Markus said he was in Berlin after the Foreign Office asked all Germans to leave the country.
Markus said the concerns about employees in Ukraine are very high.
He is in daily contact.
They would go to basements at night and line up in the morning or during the day to buy food or medicine.
The chamber continues to work anyway.
In the past week, when the war was already going on, some companies were still producing, said Markus.
He suspects that there are fewer and fewer companies.
“As a rule, they then shut down production and freeze their companies.
Then there is only the security guards who protect the companies.”