German exports plunge to lowest in 70 years amid coronavirus lockdown fallout

German exports plunge to lowest in 70 years amid coronavirus lockdown fallout

The German Chamber of Commerce and Industry has issued a dire warning that it expects exports from the world’s fourth-biggest to decline by at least 15 percent in 2020. The subsequent lockdown that has been implemented as a way to halt the pandemic has resulted in a collapse of German exports from most of its industries. The value of goods exports fell by 31.1 percent to €75.7billion (£67.4million).

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Exports are declining month on month since the lockdown hit the countries industrial capacity.

In March 2020, exports decreased by 24 percent

April saw the most abrupt decline in German exports since foreign trade statistics began in 1950.

Economists blame the closing of borders across the European single market for the disturbance.

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Germany’s Federal Statistical Office announced the data in Wiesbaden on Tuesday that does not bode well for the financial recovery of the EU as a whole.

Economists expect a slow recovery for Germany.

The pace of recovery will depend largely on how fast Germany’s European neighbours and other trade partners including China and the United States emerge from the crisis.

The coronavirus crisis has affected world trade as a whole.

According to the World Trade Organization (WTO) global trade could decline by 13 to 32 percent in 2020.

This decline could fall further due to the ongoing trade dispute between China and the US.

Additional reporting by Monika Pallenberg

Published at Tue, 09 Jun 2020 10:00:00 +0000