news.jpg

News

/ News / Article

  • AFP

German exports rise in May as lockdowns ease


German exports rose sharply in May as coronavirus containment measures eased, official data showed today, adding to signs of a recovery in Europe’s top economy even if trade remains well below pre-pandemic levels.

Exports climbed nine per cent to €80.3 billion (RM388 billion) compared with April, when they suffered their biggest plunge since records began, according to federal statistics office Destatis.

Imports grew at a slower clip of 3.5 per cent month-on-month, widening Germany’s trade surplus to €7.6 billion in seasonally adjusted terms.

Analysts surveyed by Factset had predicted a stronger uptick in foreign trade, suggesting that German firms met with weaker than expected demand as they reopened after weeks of lockdown.

Compared with a year earlier, exports were down almost 30 per cent while imports were nearly 22 per cent lower.

“German exports staged a first comeback but still have a long way to go before returning to pre-crisis levels,” said ING bank analyst Carsten Brzeski.

Germany began loosening its coronavirus restrictions earlier than most countries, but the export powerhouse remains highly vulnerable to what is happening in other virus-stricken economies.

Exports to China, which is further along in battling the pandemic, were down only 12.3 per cent compared with May 2019.

But those to the hard-hit United States slumped by 36.5 per cent and exports to Britain tumbled by nearly 47 per cent.

Brzeski said Germany would have to rely heavily on domestic demand to power its coronavirus recovery, with the help of the government’s massive coronavirus stimulus package.

“If it succeeds, Covid-19 could have been an important driver in finally getting a more balanced growth model of the German economy,” he said.


construction-image1.jpg

Subscribe and keep up to date with all the latest news from Oakmark

Subtle Shapes Transparent
WEST AFRICA'S NO.1 ECONOMIC AGENTS

Oakmark Global Vision provides a bespoke business package to established corporate bodies, investors, and entrepreneurs who desire to enter the West & Pan African market. Find out more >

© 2020 Oakmark Global Vision Ltd - All Rights Reserved.

UK Company No. 07634879 / Nigeria Company No. RC 1288232

Regional Office

International Office

1 Kandi Close, Off Aminu Kano

Crescent, Wuse 2, Abuja F.C.T

Nigeria 

+234 -(0)- 929 207 02

+234 (0) 704 497 6500

info@oakmarkglobalvision.com

King Court, 17 School Road

Hall Green, Birmingham

United Kingdom  B28, 8JG

+44 (0) 121 244 1814

+44 (0) 746 625 2505

info@oakmarkglobalvision.com

 Oakmark Global Vision Limited