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German exports collapsed by a record 31.1% in April

June, 09 2020
watermark Economic news

According to the Federal Statistical Office of German (Destatis), exports in the country, which is the largest economy in Europe, fell in April by 31.1% in annual terms and amounted to 75.7 billion euros. Imports for the reporting period decreased by 21.6%, to 72.2 billion euros.


Such a decline in exports was a record since the start of statistics on foreign trade in Germany in 1950. And such a strong drop in imports was recorded in July 2009, during the financial crisis (-23.6%).


In monthly terms, the decline in exports amounted to 24%, analysts expected a decrease of only 15.6%. Import compared to March decreased by 16.5%, which also turned out to be worse than analysts' forecasts of 16%.


The surplus of Germany's foreign trade balance in April amounted to 3.2 billion euros. Analysts predicted 10 billion euros.

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Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.