To counter German weakness, Italy exports vehicle parts to Mexico and Vietnam
A minister from Italy stated that the country is searching for other export markets for the manufacture of car components since it expects demand from Germany to decline due to the Volkswagen problem. Mexico and Vietnam are two of these countries.
“We are aware of the situation Germany is going through in the automotive sector,” Italian Foreign Minister Antonio Tajani told reporters Friday on the sidelines of the TEHA business forum, adding that Italian exports of auto parts could be affected.
He included Mexico and Vietnam in his statement, «That’s why we are studying which could be the markets where we could strengthen Italy’s presence.»
Volkswagen, the largest carmaker in Europe by sales and a longtime representation of Germany’s industrial strength, said on Monday that it will terminate an early job security program that has been in place since 1994 and prepare the ground for plant closures in Germany.
Italy’s automotive advocacy organization ANFIA reports that the country’s car component industry’s top market is Germany, with $5.8 billion in exports made last year.
