DHL 2013 Annual Report Download - page 50
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At the start of , the euro and dollar exchange rates were still under the inu-
ence of the European sovereign debt crisis, which had widened to include Cyprus. is,
in conjunction with the weak euro zone economy, resulted in a drop in the euro to its
annual low of just under . in March. anks to the gradually improving economy
in the euro zone, fears that the sovereign debt crisis might re-intensify abated over the
course of the year. e euro beneted from this with an increase of . to over .
by the end of the year. Measured against the pound sterling, the euro posted a . gain.
Moderate risk premiums for corporate bonds
e bond markets were dominated by the weak economy and the sovereign
debt crisis in the initial months of . In May, the yield on ten-year German govern-
ment bonds fell to an annual low of . . Despite the ’s reductions in the key interest
rate, capital market interest rates increased during the rest of the year to reach .
by the end of (previous year: . ). Like German bonds, yields on ten-year
government bonds also fell initially. However, they then increased sharply in light of
the improving economy and prospects of tapering bond buying by the Federal
Reserve. By the end of the year, bond yields had risen by . percentage points year-
on-year to . . Risk premiums for corporate bonds uctuated at a similarly moderate
level during the reporting year.
International trade continues to grow in emerging markets
e global economy witnessed cautious growth in . Trade volumes (transported
quantity in tonnes) thus only increased by around . in the reporting year. e main
consequence of the low demand for goods was a decline in European imports. Trade
between emerging markets in the Asia Pacic, Latin America and Middle East /Africa
regions continued to increase, however.
. Trade volumes: compound annual growth rate to
Asia Pacific Europe Latin America
(Middle
East /Africa) North America
Imports
Exports
Asia Pacific 5.1 0.0 3.2 3.5 2.4
Europe 0.5 –1.3 0.5 0.8 –3.1
Latin America 9.4 – 4.7 4.4 5.0 –3.9
(Middle East /Africa) 3.9 –1.7 1.8 3.2 –7.9
North America –1.6 0.6 3.0 0.7 0.5
Source: Copyright © Global Insight GmbH, . All rights reserved, as at December .
46 Deutsche Post DHL 2013 Annual Report
Report on Economic Position
Economic parameters
Group Management Report