German exports and imports slumped in April, posting their biggest declines since 1990 as the coronavirus crisis slashed demand, adding to a gloomy outlook for Europe’s biggest economy, data showed on Tuesday, APA reports citing Reuters.
Many economists believe the pandemic will push the German economy into its biggest decline since the end of World War Two in the second quarter.
Seasonally adjusted exports dived 24% on the month while imports slid by 16.5%. The trade surplus shrank to 3.2 billion euros, the Federal Statistics Office said.
Economists polled by Reuters had expected exports to fall by 15.6% and saw imports down 16%. The trade surplus was expected to come in at 10.0 billion euros.
Alexander Krueger, economist at Bankhaus Lampe, said a recovery may have already started due to a loosening of the lockdown and re-opening of borders, but little was left of the last decade’s export boom.
“The road out of the corona trough is long, rocky and above all uncertain, especially for foreign trade,” he said.