Container ships are tied up in the Holtenau lock in hamburg (Germany). (picture alliance/dpa)
The dramatic slump in German exports during the coronavirus crisis continued in May, but there is still a first glimmer of hope. The value of goods exports in May fell massively by 29.7 percent to 80.3 billion euros compared to the same month last year, the Federal Statistical Office announced in Wiesbaden on Thursday. Compared to the previous month, which had marked the low point so far, however, exports rose by 9 percent.
In April, there had been a 31.1 percent decrease year on year, according to earlier data. It was the sharpest drop compared to the same month last year since foreign trade statistics began in 1950. Travel restrictions, disruptions in logistics, and disruptions to supply chains due to the coronavirus crisis had left deep scars.
Imports in May fell by 21.7 per cent to 73.2 billion euros compared with the same month last year. Compared with the previous month, they rose by 3.5 per cent.
The Association of German Chambers of Industry and Commerce (DIHK) and the Federation of German Industries (BDI) expect a 15 percent drop in exports for the year as a whole. The forecast is still confident, Volker Treier, the head of foreign trade at the DIHK, said recently. The decline will not yet be made up for next year, he added. Along with private consumption, exports are one of the pillars of the German economy.
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