German exports hit 16-years record low

The volume of German exports was as small in January this year as 16 years ago for the last time. Germany exported goods to the value of 66.6 billion Euros which was 20.7% less than one year ago. The volume of imports also fell significantly by 12.9% to 58.1 billion Euros. As compared to December 2008, exports and imports fell by 4.4% and 0.8% respectively after adjustments for calendar and season. For the time being the above figures are provisional ones provided by the Federal Statistical Office.

The German foreign trade balance closed with a surplus of 8.5 billion Euros in January 2009. After adjustments for calendar and season this surplus amounted to 8.3 billion Euros. In January 2008 the foreign trade balance had closed with a surplus of 17.3 billion Euros.

According to provisional estimates by the German Bundesbank, the German balance of current accounts closed with a surplus of 4.2 billion Euros in January this year following 15.6 billion Euros in January 2008. GERMAN