BusinessGerman exports rise, approaching pre-pandemic levels

German exports rise, approaching pre-pandemic levels

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Berlin, Germany: German exports rose in May for the 13th month in a row, approaching their pre-coronavirus pandemic levels as demand recovers internationally, official data showed Thursday.

Europe’s biggest economy exported 112.2 billion euros ($132.4 billion) worth of goods, up 0.3 percent from April, seasonally adjusted figures published by federal statistics office Destatis showed.

Their level is now just 0.3 percent under the level recorded in February 2020, before the pandemic dramatically curtailed trade and travel.

Compared to May 2020, Germany exported 43.3 percent more to the European Union, and 28.7 percent more to countries outside the bloc.

The United States imported 40.7 percent more from a year ago, while China, another key market, recorded an imports growth of 17.1 percent.

Meanwhile, German demand for foreign goods also rose, with a growth of 3.4 percent in imports to 99.6 billion euros, according to seasonally adjusted figures.

The positive data came as the German industry was hit by supply chain disruptions including electronic components, wood, plastic, and steel.

Nevertheless, the government has predicted a solid recovery for 2021.

Economy Minister Peter Altmaier has said he expects the German economy to grow by up to four percent this year, raising an earlier forecast of 3.5 percent.

AFP
AFP is a leading global news agency for comprehensive, verified coverage of events shaping the world.

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