German exports slump
Friday, 5 May 2023
BERLIN, May 4 (AFP): German exports fell sharply in March compared to a month ago, a sign of fragility in Europe's biggest economy, which recently reported stagnating growth for the first quarter.
Germany exported 129 billion euros' worth of goods in March, down 5.2 per cent from February, data published by federal statistics agency Destatis showed.
The drop came after two straight months of growth.
Imports fell as well during March, by 6.4 per cent to 113 billion euros, leading to a trade surplus of 16.7 billion euros for the month.
Demand for German goods was down across the board, with exports to EU states slumping 6.2 per cent.
Particularly concerning was a 10.9 per cent drop in exports to the United States, a key market for Europe.