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Financial News: German Exports Log Record Fall Amid Covid-19 Pandemic

German Exports Log Record Fall Amid Covid-19 Pandemic

05/08/2020 - 07:39:00 (RTTNews)

(RTTNews) - German exports declined at a record pace in March as widespread lockdown to contain the spread of coronavirus, or Covid-19, across major economies hurt the demand, 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.

Data showed that exports to the EU countries fell 11.0 percent and imports from these countries decreased 8.0 percent. Shipments to euro area countries were down 14 percent and imports from these economies fell 7.8 percent.

A survey conducted by the German Chamber of Commerce and Industry, or DIHK, showed that 60 percent of companies suffer from lower demand and 43 percent from canceled orders.

Half of the survey participants were either completely or partially closed due to the lockdown. Companies that are still closed expect to start their business again immediately or within next two weeks.

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