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Exports increased slightly in February

2020-04-09T10:58:11.364Z


Germany's export companies export more goods in Europe before the escalation of the corona crisis. A look at trade with China, however, suggests little good for the coming months.


Germany's export companies export more goods in Europe before the escalation of the corona crisis. A look at trade with China, however, suggests little good for the coming months.

Wiesbaden (dpa) - The corona crisis left its first signs of a brake on the German export balance in February. Exports rose by a total of 0.4 percent over the same month last year to 109.3 billion euros, as the Federal Statistical Office in Wiesbaden announced.

According to the information, the first effects of the pandemic were evident in trade with the People's Republic of China, which was particularly affected by the new virus in February.

Exports to the country declined by 8.9 percent year-on-year to EUR 6.8 billion, imports from China decreased by 12.0 percent to EUR 7.4 billion. The second largest economy in the world is one of the most important individual markets for goods "Made in Germany". In contrast, trade with member states of the European Union (EU) saw an export increase of 0.8 percent to 58.6 billion euros in February. The situation in Europe only escalated in March. The EU is by far the largest sales market for German exports.

Imports to Germany decreased by a total of 2.9 percent in February to 88.5 billion euros.

According to the World Trade Organization (WTO), the consequences of the corona crisis will have a massive impact on international trade in the coming months. The WTO expects world trade to fall by 13 to 32 percent this year. "The inevitable decline in trade and production will have painful ramifications for households and businesses, not to mention the human suffering caused by the disease," said WTO chief Roberto Azevedo recently.

German exports had already slowed significantly last year. The trade conflict between the United States and China in particular had a negative impact on the global economy and slowed down China's economic growth, which particularly affected Germany as an exporting nation. Overall, goods exports rose to a record level of 1327.8 billion euros. At 0.8 percent, however, the growth was much smaller than in the previous two years.

Federal Office for Foreign Trade December and full year 2019

Source: merkur

All news articles on 2020-04-09

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