FRANKFURT, June 9 ― German exports tumbled 24 per cent month-on-month in April to €75.7 billion (RM363.8 billion), official data showed today, as Europe's top economy felt the full effects of coronavirus lockdowns worldwide.
Compared with a year earlier, exports slumped 31.1 per cent in April ― “the biggest fall in a single month since foreign trade statistics began in 1950,” the federal statistics authority Destatis said in a statement.
Germany's trade surplus ― widely criticised by partners and allies before the pandemic crisis as a sign of economic imbalances ― tumbled to just €3.2 billion in seasonally adjusted terms, the lowest since December 2000 and far short of the €17.8 billion reported in April 2019.
That was because imports in April fell more slowly than exports ― down 16.5 per cent month-on-month to €72.2 billion.
Trade with fellow European Union members accounted for around half of both exports and imports in April, with exports falling slightly faster year-on-year to eurozone countries than the rest of the EU.
Among important individual partner countries, sales to China took a “comparatively moderate” hit of 12.6 per cent year-on-year, Destatis noted, while exports to France fell by almost half, Italy 40 per cent and the US more than one-third.
Meanwhile, imports from China surged by 10 per cent, with a smaller rise for American imports and France and Italy both falling back sharply.
“International trade will recover gradually as more and more economic zones around the globe take the path into the new normal,” predicted Joerg Zeuner, chief economist at Union Investment.
“It will nevertheless be challenging for Germany (as) globalisation has passed its peak and worldwide demand for German investment goods will lag behind global aggregate demand,” Zeuner said.
“However, Germany has shown itself to be comparatively resilient place to do business in the crisis,” he added. ― AFP
