BERLIN – German exports fell more than 9.0% last year, official data showed today, with the coronavirus pandemic sparking the biggest drop in over a decade for Europe's biggest economy.
In a year hit by border closures and disruptions to supply chains, German exports totalled €1.21 trillion (RM5.9 trillion) in the last 12 months, down from €1.33 trillion in 2019.
The 9.3% decrease is the largest blow to exports that Germany has suffered since an 18% drop during the global financial crisis of 2009.
Imports also fell by 7.1% to €1.03 trillion, the figures released by national statistics office Destatis showed.
That leaves Europe's largest economy with a positive foreign trade balance of €179.1 billion in 2020, down from €224 billion in the previous year.
The initial impact of the pandemic saw German exports fall 30% in the spring, and recovery measures in the summer failed to bring them back to pre-pandemic levels.
The US remained the most eager buyer of “Made in Germany” products in 2020, accounting for €103 billion of the total, ahead of China with €96 billion and France (€91 billion).
In December alone, exports to the US increased by 8.4% while sales to China climbed even higher by 11.6%, demonstrating the flexibility of German industry even in the face of new coronavirus restrictions introduced in late 2020.
Those restrictions have been extended well into 2021, forcing the German government to revise its forecast of 4.4% growth in GDP down to 3.0% for this year. – AFP, February 9, 2021
