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Strongest export slump since the financial crisis

2021-02-09T07:40:13.890Z


German exports of goods fell by 9.3 percent last year, reports the Federal Statistical Office. The main fault is the start of the pandemic in March.


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Bremerhaven container terminal

Photo: Mohssen Assanimoghaddam / DPA

The corona crisis tore deep holes in the German export balance last year.

Goods exports fell by 9.3 percent to 1,204.7 billion euros compared to 2019, as the Federal Statistical Office announced on Tuesday in Wiesbaden.

It was the sharpest decline since the global financial crisis in 2009. At that time, exports had fallen by 18.4 percent.

The import volume decreased in the past year by 7.1 percent to 1,025.6 billion euros.

The decline in exports is mainly due to the beginning of the pandemic: In March, border closings, disrupted logistics and interrupted supply chains significantly slowed the export business.

Although exports increased for eight months in a row after that, it was not enough to offset the slump.

Also last in December, exports rose by 0.1 percent compared to the previous month.

Business with the world's two largest economies made a major contribution to the positive development: exports to the People's Republic of China grew by 11.6 percent in December to EUR 9.3 billion, while those to the USA rose by 8.4 percent 9.2 billion for the first time in ten months.

Good chances of recovery

But a recovery is in sight: the recovery of the global economy from the recession year 2020, predicted by many experts, should play into exporters' cards.

For Germany's most important trading partner China, for example, economic growth of around 8.5 percent is expected this year.

The USA should also grow strongly.

Accordingly, the foreign trade association BGA recently expected a significant plus for this year.

The pre-crisis level should therefore be reached again by summer 2022 at the latest.

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caw / dpa

Source: spiegel

All business articles on 2021-02-09

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