German exports at 16-year record low

According to estimates by the German Statistical Office, the volume of German exports was down by 23.1% in February this year as compared to February in 2008. Germany exported goods to the value of 64.8 billion Euros in February which was the smallest volume in 16 years. Imports amounted to 56.2 billion Euros. Thus, German exports and imports were down by 23.1% and 16.4% respectively in February this year as compared to February last year. In comparison with January 2009, exports and imports fell by 0.7% and 4.2% respectively in February after adjustments for calendar and season.

According to estimates by the German Bundesbank, the German foreign trade balance closed with a surplus of 8.7 billion Euros in February this year as compared to 17.1 billion Euros last year. The German balance of current accounts closed with a surplus of 5.6 billion Euros in February following a surplus of 16.5 billion Euros in February last year.

German exports to member states of the European Union totalled 41.0 billion Euros in February this year while imports from these countries to Germany amounted to 37.1 billion Euros which corresponded to changes by -24.4 % and -14.8 % respectively as compared to February in 2008.

Exports to countries outside the European Union reached 23.8 billion Euros and imports from there to Germany 19.1 billion Euros in February this year. As compared to February last year the volume of exports and imports to and from these countries changed by -20.6 % and -19.2 % respectively. GERMAN

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