German exports plunge amid global crises

German exports plunge amid global crises

2014-10-09 09:45

Berlin - German exports posted their biggest fall in more than five years in August amid a sharp contraction in demand from the nation's major trading partners in the eurozone and a series of global crises.

Exports from Europe's biggest economy plunged 5.8% from July when they rose 4.8%, the Federal Statistics Office said on Thursday.

The August fall represented the sharpest drop since January 2009 when the global financial crisis hit Germany's industrial sector, paving the way for a recession in the country.

Analysts surveyed by dpa-AFX had predicted a 4% decline.

Monthly imports were down by a surprise 1.3% in August from a 1.4% slump in July, the statistics office said. Analysts had expected a 0.9% gain.

The seasonally adjusted trade balance dropped to €17.5bn from €22.2bn in July.

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