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German imports and exports took a huge hit in April, revealing a record plunge since 1990 after the COVID-19 pandemic severely disrupted demand and supply. The data on Tuesday added to the bleak outlook for the biggest economy in Europe.
Many had previously speculated that the pandemic would lead the German economy into its biggest drop since post-World War Two in the second quarter.
The Federal Statistics Office said that seasonally adjusted exports plunged by 24% on April while imports declined by 16.5%. In addition, trade surplus contracted to €3.2 billion.
Economist at Bankhaus Lampe, Alexander Krueger said that a recovery could already be in progress after the government started to ease lockdown measures. However, very little remain from the country’s export boom from the previous decade.
Economists are expecting a slow recovery for Germany, with the pace depending on how fast its European neighbors and major trade partners like the U.S. and China would emerge from the pandemic.
The Dollar traded lower earlier on Thursday in European markets after new hope of an economic recovery in Europe bolstered sentiment. The Dollar index fell by 0.1% to 954.808 at 3:10 AM ET (0710 GMT), gaining only slightly from the four-month ...
China's diesel exports for June fell by 50% year-on-year, a record low since September 2018 as lockdown measures around the world continued to curb fuel demand. China exported has 1.04 million tons of diesel, compared to the 1.45 million and ...
The second quarter had seen South Korea slipping into recession. This came to be the country’s sharpest economic downturn in more than two decades as the novel coronavirus crisis weighed on exports and social distancing measures halted ...
The self-driving car company Waymo LLC and Fiat Chrysler Automobiles NV (FCHA.MI) signed a partnership deal on Wednesday to fully develop self-driving cars, pickups, and SUVs. Waymo, an Alphabet Inc. (GOOGL.O) unit, and Fiat Chrysler said ...
Oil prices steadied on Tuesday, stuck in narrow ranges as investors pinned hopes on fuel demand recovery amid renewed lockdowns due to rising coronavirus cases. Prices were supported by positive news on vaccine development as medical institutions ...
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