German exports saw record slump with French demand collapsing

German exports plunged at a record pace in April when economies around the world shut down to contain the coronavirus.

Sales abroad were down 31.1% from a year earlier, an unprecedented slump in the series that reaches back to 1950. Imports fell the most since the financial crisis a decade ago.

German manufacturers were already suffering from weak demand before the virus outbreak forced businesses to shutter. While most companies have since returned to work, uncertainty about the evolution of the pandemic is still depressing orders. The Bundesbank predicts Germany’s trade-reliant economy will shrink some 7% this year.

In April, exports to China, the original epicenter of the disease, were down 12.6%. Within Europe, sales to France and Italy dropped 48% and 40% respectively.