Between 2000 and 2007, German merchandize exports to emerging market countries have grown strongly. With an export share of 18 percent, emerging markets during this period contributed more than 35 percent to the growth of total German merchandize exports raising their share in total German exports to 25 percent. Moreover, strong evidence confirms the hypothesis that – due to its specialization in capital goods – Germany benefited significantly from the growth of economic activity, in particular of investments, compared to other industrialized countries. These trends are likely to persist in the future, as the emerging market countries seem to recover more rapidly from the crisis. However, it needs to be supported by foreign trade policies which open markets and prevent the spread of protectionism.