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German Trade Balance Falls Further
The latest German data has raised further concerns over the health of the economy as a result of the COVID-19 crisis.
Industrial production data for April came in lower by 17.9%. This marked a severe deterioration from the -8.9% recorded in March and was worse than the -16% forecast. It was also the worst recorded monthly fall since records began in 1991.
With exports over the month falling by 24% from the prior month’s -11.7% and imports falling 16.5% from the prior month’s -5.1%, the German trade balance for the month fell to just 3.5 billion EUR.
This marks a shocking drop from the 17.4 billion EUR trade surplus registered over the prior month. It was also well below the 11.9 billion EUR surplus forecast.
The German economy’s export market has long sat at the heart of the eurozone economy. However, the coronavirus crisis has badly damaged it. It had already been weak due to the global trade war which ravaged the...
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