Industry Foresees Foreign Trade Slowdown

Federation of German Wholesale and Foreign Trade (BGA) head Anton Boerner said Thursday that the boom in German exports the country has experienced this year would slow down, largely due to soaring oil prices. The BGA revised expectations for continued export growth from a minimum of 9.5 percent to 7.5 percent. But the industry group predicted an increase in wholesale business for the first time in four years -- by at least 1.4 percent. On Friday, the price for a barrel of crude oil reached record heights, nearing the $50 mark.