Germany's March Exports Fall 12% Month-on-Month... Largest Drop Since Reunification
[Asia Economy Reporter Kwon Haeyoung] Germany's exports in March this year fell by nearly 12% (seasonally adjusted) compared to the previous month. This is the largest decline since German reunification in 1990.
According to the German Federal Statistical Office on the 8th (local time), Germany's exports in March decreased by 11.8% and imports by 5.1% compared to the previous month. This is due to the spread of the novel coronavirus infection (COVID-19).
The trade balance recorded a surplus of 12.8 billion euros (approximately 16.9 trillion won), down to about half of the February trade surplus of 21.4 billion euros (28.3 trillion won).
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Industrial production in Germany for March, announced the day before, fell by 9.2% compared to the previous month, marking the largest decline since industrial production statistics began in 1991. The decrease in manufacturing production reached 11.6%.
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