German exports saw record slump with French demand collapsing
by Bloomberg Jun 09, 2020
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.
Bloomberg
© Bloomberg
The author’s opinion are not necessarily the opinions of the American Journal of Transportation (AJOT).
Similar Stories
Berlin and UkraineInvest establish first U.S. partner office to expand American investment in Ukraine
View ArticleUS, Australia sign Customs Mutual Assistance Agreement
CMAA enhances trade and security cooperation
View Article
‘China Shock 2.0’: EU primed for action?
View ArticleAfreximbank Africa Trade Report shows Africa can turn geopolitical disruptions into long-term growth opportunity
The report highlights Africa’s continued growth resilience despite significant headwinds occasioned by escalating geopolitical tensions and ensuing economic shifts
View Article
Strait of Hormuz tensions highlight need to put seafarer welfare at the center of contingency planning, says AVS Global Ship Supply
View ArticleFreight forwarders helped make Brexit-era UK–EU trade manageable
As the UK marks ten years since the Brexit referendum, the British International Freight Association (BIFA) is highlighting the vital role played by its members in helping businesses adapt to…
View ArticleGet the most up-to-date trending news!
SubscribeIndustry updates and weekly newsletter direct to your inbox!
Follow us on social media:
