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German imports slump further
2009/4/10
A sharp drop in Germany''s imports in February outpaced a fall in exports, leading to a higher trade surplus than economists expected, Reuters reported.
Imports fell 4.2 percent in seasonally adjusted terms, compared with a forecast of a decline of 2 percent month-on-month. Exports dropped 0.7 percent, compared with the 3.7 percent fall expected.
That led to a trade surplus of US$11.7 billion for the month, although January''s figure was revised down to $9 billion from the $11 billion originally reported, underlining weakness in the export sector.
January''s export figures were revised down to show a month-on-month fall of 7.4 percent compared with a drop of 4.4 percent previously reported.
Germany enjoyed robust foreign demand for its engineering products until the economic downturn took hold last year and sent the export-orientated economy sharply into reverse.
Last month the BGA trade association forecast German exports will fall by up to 15 percent this year.
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2009/4/10