The economic disaster caused by the Covid-19 pandemic and containment measures is being confirmed day by day. Germany, whose economic health depends on the engine of foreign trade, recorded a record fall in exports in March, the worst result since reunification. The fall of 11.8% over a month, published Friday by the statistics office, is more marked than during the financial crisis, during which exports had plunged in November 2008 by 8%. " This is the largest drop since the start of statistics in August 1990," said Destatis in a statement.
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Internal demand is also affected by the coronavirus effect. Imports fell 5.1% in March from 5.1% to 91.6 billion, their lowest level since January 2009. As a result, the trade surplus fell to 12.8 billion euros in data corrected for seasonal variations. German export is suffering from the fact that Italy and China, two important partners, have been hit hard by the epidemic. In detail, exports to the countries of the European Union are down 11% year-on-year, with a more pronounced fall for trading partners in the euro zone (- 14%). Sales to the rest of the world fell 4.3%.
These poor results will weigh on growth. The Minister of the Economy, Peter Altmaier, warned at the end of April to expect " the worst recession in the history of the German Republic " with a 6.3% drop in GDP expected for this year. Brussels, which unveiled its forecasts on Wednesday, is banking on - 6.5%. The first estimate for the first quarter will be released on May 15.
