Germany's April Exports Show Largest Decline Since Statistical Records Began

[Image source=Yonhap News]

[Asia Economy Reporter Donghyun Choi] Due to the spread of the novel coronavirus infection (COVID-19), Germany's exports and imports in April significantly declined.

According to the German Federal Statistical Office on the 9th, Germany's exports in April decreased by 24.0% month-on-month on a seasonally adjusted basis, and imports fell by 16.5%. Both exports and imports recorded the largest drop since the related statistics began to be compiled in 1990. This figure is worse than the 15% decrease in exports and 12% decrease in imports forecasted by the Federation of German Industries (BDI).

The trade balance in April was recorded as a surplus of 3.2 billion euros. Industrial production announced the previous day decreased by 17.9% month-on-month on a seasonally adjusted basis.

The German government recently introduced an additional stimulus package worth 130 billion euros as the economic recession continues due to the prolonged COVID-19 situation and the recovery speed has slowed after the easing of public life control measures. The German government projected the economy to contract by 6.3% this year.

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