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Financial News: German Exports Fall At Fastest Pace On Record

German Exports Fall At Fastest Pace On Record

05/08/2020 - 02:30:00 (RTTNews)

(RTTNews) - German exports declined the most on record in March as foreign demand was dampened by coronavirus, or Covid-19, pandemic, official data showed Friday.

Exports fell by seasonally adjusted 11.8 percent month-on-month, in contrast to February's 1.2 percent rise, Destatis reported.

This was the strongest decline since the beginning of the time series in August 1990. Economists had forecast a monthly decrease of 5 percent in March.

Likewise, imports dropped 5.1 percent on month, the largest fall since January 2009. Economists had forecast imports to drop 4 percent after easing1.5 percent in February.

Consequently, the trade surplus declined to a seasonally adjusted EUR 12.8 billion from EUR 21.4 billion a month ago.

On a yearly basis, exports and imports decreased 7.9 percent and 4.5 percent respectively.

On an unadjusted basis, the trade surplus fell to EUR 17.4 billion from EUR 22.3 billion in the same period last year.

The current account showed a surplus of EUR 24.4 billion versus EUR 30.9 billion last year.

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