German exports tumbled by 11.8% in March, their steepest drop since current records began in 1990, as the coronavirus crisis reduced demand for goods from Europe's biggest economy, the Federal Statistics Office said on Friday.
FILE PHOTO: Cars intended for export wait at the port for loading, as the spread of the coronavirus disease continues in Bremerhaven, Germany, April 24, 2020. REUTERS/Fabian Bimmer
Seasonally adjusted imports fell by 5.1% and the trade surplus narrowed to 12.8 billion euros from a downwardly revised 21.4 billion euros in the prior month, the office said. The German government expects the economy, which has traditionally been dependent on exports, is expected to shrink by a post-World War Two record of 6.3% despite a massive rescue package of 750 billion euros to cushion the impact of the pandemic.
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