Imports from Germany fell 2.9%

Imports from Germany totaled 88.5 billion euros in February, a year-on-year decrease of 2.9%, according to the country’s Statistical Office.

At the same time, Germany exported goods worth 109.3 billion euros, an increase of 0.4%, at an annual rate.

After seasonal and calendar adjustment, Germany’s imports fell 1.6% and its exports increased 1.3 compared to January 2020.

In particular, the first effects of the coronavirus pandemic on trade in goods with the People’s Republic of China were observed.

Compared to February 2019, exports to China decreased 8.9% to 6.8 billion euros, while imports from China fell 12% to 7.4 billion euros. In January, exports to China fell 6.5% and imports from China fell 0.5 percent.

German imports, exports and COVID-19

Germany faces unprecedented challenges as a result of the rapid spread of the coronavirus pandemic. It is the health system that has the key role to play. The measures taken so far aim to contain the number of infections so as not to place too much pressure on the health system, but they will also have massive implications for the economy. A slide into a sharp recession is inevitable, according to the German Central Bank.

German foreign trade

An economic recovery will begin only when the pandemic risk has been effectively controlled.

In this context, according to the Central Bank, economic developments are characterised by unprecedented uncertainty. The year got off to quite a positive start, with the hitherto weak pace of industrial activity picking up at the beginning of 2020. Industrial output was up strongly and the orders situation showed a considerable improvement. According to the Ifo Institute, business expectations in manufacturing were pointing upwards well into February