German companies increase their exports for the eleventh consecutive month

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Data from the German Federal Statistics Office showed today, Friday, that German companies defied the Coronavirus crisis and raised their exports for the eleventh consecutive month in March, as exports grew at 1.2%, which is twice what economists had expected.

But imports also rose, as the value of Germany’s imports increased 6.5% in March from the previous month, which far exceeded expectations of 0.7%, pushing the trade balance to its lowest level since April of last year.
The increase in exports reduced the trade balance to 14.3 billion euros (17.24 billion dollars), the lowest level since April 2020.

German exports fell by more than 9% in 2020, according to official data, at a time when the Covid-19 epidemic caused the largest decline in more than a decade for Europe’s largest economy.

In a year that saw borders closed and supply chains disrupted, German exports recorded a total of 1.21 trillion euros (1.46 trillion dollars) in the past 12 months, compared to 1.33 trillion in 2019.The decline of 9.3 percent is the biggest blow to exports that Germany has suffered since it fell by 18 percent during the global financial crisis.

Imports also decreased by 7.1 percent to 1.03 trillion euros, according to figures published by the National Statistical Office, “Destatis”.





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