German exports plunge at fastest pace since global financial crisis

German exports plunged by their largest amount since the height of the global financial crisis in early 2009 and imports also fell sharply in the latest sign that Europe's largest economy lost momentum in the third quarter.

PHOTO: BLOOMBERG

OCT 8, 20152:06 PM

[BERLIN] German exports plunged by their largest amount since the height of the global financial crisis in early 2009 and imports also fell sharply in the latest sign that Europe's largest economy lost momentum in the third quarter.

Data from the Federal Statistics Office showed seasonally-adjusted exports sliding by 5.2 per cent to 97.7 billion euros month-on-month and imports tumbling by 3.1 per cent to 78.2 billion euros, the biggest one month drop since November 2012. The trade surplus narrowed to 19.6 billion euros.

The data follows sharp declines in industrial orders and output in August, suggesting that waning demand from abroad, particularly China and other emerging markets may be leaving its mark on Germany.

Economists polled by Reuters had been expecting much smaller declines in exports and imports of 1.2 per cent and surplus of 22.5 billion euros.

REUTERS