DHL 2011 Annual Report Download - page 43

A very volatile euro
 e European Central Bank  raised its key interest rate in two phases in April
and July by a total of . percentage points to .  in an e ort to combat rising in a-
tion. However, the rate was reduced in November and then again in December to . ,
due to higher economic risks. By contrast, the  Federal Reserve maintained its very
expansive monetary policy, indicating that it intends to keep its key interest rate between
  and .  until well into  as long as unemployment remains high and in ation
does not increase.
 e development of both the euro and the  dollar was shaped by the ever- changing
economic outlook and the national debt crisis.  e strong growth in the euro zone and
the  rst increase in the ’s key interest rate early on caused the euro to rise consider-
ably to its  high of just under . in May. Uncertainty regarding the solvency of
some  countries, fears of recession and a return to expansive monetary policy at the
 led to a strong downwards trend in the second half of the year.  e euro ended the
year at over ., a .  decrease compared with the prior year. Measured against
the pound sterling, the euro posted a .  loss.
National debt crisis affects bond markets
 e European national debt crisis caused extremely mixed developments in the
bond markets.  e yield on German ten-year government bonds declined to a low
of .  through autumn, rising again by the end of the year to .  (previous year:
. ).  e return on ten-year  government bonds decreased even more in  by
. percentage points to . . Turbulence involving  government bonds put pres-
sure on other segments of the market and, as a result, risk premiums for corporate bonds
increased considerably in the second half of .
International trade continues to grow
International trade continued to grow in the year under review, with trade volumes
(transported quantity in tonnes) increasing by around   worldwide. Trade between
the emerging markets in the Asia Paci c region, Latin America and the Middle East
saw above-average growth.
. Trade volumes: compound annual growth rate  to 

Africa Asia Pacifi c Europe Latin America Middle East
North
America
Imports
Exports
Africa 1.5 11.0 –10.0 0.2 8.3 7.4
Asia Pacifi c 6.2 7.3 4.8 5.5 10.5 2.7
Europe 1.3 7.6 3.4 8.0 11.6 – 0.3
Latin America 1.2 11.4 2.6 6.6 11.3 6.8
Middle East 8.1 10.0 2.4 7.9 8.7 10.6
North America 2.8 8.7 16.5 6.5 8.5 6.1
Source: Copyright © Global Insight (Deutschland) GmbH, . All rights reserved, as at  December .
Deutsche Post DHL Annual Report 
Group Management Report
Business and Environment
Economic parameters
37