German exports slump further in April

Discussion in 'Economics' started by ASusilovic, Jun 9, 2009.

  1. German exports continued to plummet in April, official statistics showed today, though analysts expect an historic slump in the biggest European economy to ease in coming months.

    German exports plunged by 28.7% in April from the same month a year earlier, figures released by the national statistics office showed as German struggled with its worst recession since World War II.

    The value of German exports amounted to €63.8 billion, the Destatis service said. Imports decreased meanwhile by 22.9% to €54.4 billion, leaving Germany, one of the world's leading exporters, with a trade surplus of €9.4 billion, it added, slightly higher than analysts forecasts.

    Destatis also said that according to figures from the German central bank, the current account showed a surplus of €5.8 billion in April, down sharply from €15.4 billion a year earlier.

    The current account of the balance of payments is the broadest measure of trade with other countries.

    Trade data with other European Union members, Germany's main trading partners showed that exports had decreased by 29.9% on the year, while imports were off by 22.3%.

    Exports to non-EU countries dropped by 26.5% and imports shed 23.8%, Destatis said.

    Germany's export-oriented economy has been slammed by the global economic slowdown and the government estimates that gross domestic product (GDP) will shrink by 6% this year.

    Destatis said that in the four months from January to April, German exports amounted to €262.8 billion, down from €341.3 billion the same time a year earlier.
  2. Clearly, Germany has been going downhill since its "glory" in the 1930s :cool: