Business Historic fall in German exports

Historic fall in German exports

Such a fall had never occurred since the Second world War, more precisely since 1950, the date to which the statistics have started. Germany’s exports collapsed in April, at the height of the pandemic Covid-19, 31.1 %.

Germany has sold abroad the goods for “only” with 75.7 billion euros. A result of the slowdown in economic activity, imports have also declined 16.5 %, to 72.2 billion euros. Germany has therefore always a trade surplus but it was reduced to 3.5 billion euros, compared to 17.4 billion in march.

Exports with the countries of the european Union were down 35% year over year, with a sharp decline in France (- 48,3 %) and Italy (- 40,1 %). Sales to China have fallen by only 12.6 %. The economy of the empire of the Middle has restarted while Europe was still confined.

Germany could see its GDP contract by 10% in the second quarter, a level not seen since fifty years.

With respect to imports from Germany, they grew 10 % from China, and 2.4% for the United States, as they are packed with 37.3% coming from France.

The data for the month of may should be better for the locomotive of the european, very dependent on its external trade. The ministry of the Economy, estimated recently that the trough of the recession had been reached in April. The gradual thawing of the containment measures and the resumption of production in the automobile industry has since fostered the beginnings of economic recovery.

Germany could see its GDP contract by 10% in the second quarter, a level not seen since fifty years, according to the main German economic institutes.

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