News Details
Category : World
Headline : German exports regain ground in May, but a long way to go
Date: 09/07/2020 13:49
German exports regained some ground in May, though the gain was far short of making up for big losses at the height of the coronavirus pandemic in Europe, official figures showed Thursday.

Exports were up 9 per cent compared with the previous month, the Federal Statistical Office said. That followed declines of 11.6 per cent in March and 24 per cent in April. Imports rose 3.5 per cent after dropping 5.3 per cent in March and 16.6 per cent in April. In year-on-year terms, exports were down 29.7 per cent in May, only just short of the 31.1 per cent drop in April.

Germany started easing restrictions on public life on April 20 — earlier than many other European countries — and the process has gathered pace since. However, the German economy, Europe"s biggest, went into a recession in the first quarter that is believed to have deepened in the just-concluded second quarter.

Official data earlier this week showed that factory orders and industrial production picked up in May after sharp drops, but both fell short of expectations — as did exports and imports. Economists had forecast gains of 14 per cent and 12.4 per cent respectively.