Business

Pandemi Hit German Export

Figures released by the Federal Institute of Statistics revealed the damage caused by the epidemic in German exports. Therefore, in 2020, Germany exported 1 trillion 204 billion 700 million euros. However, this amount means a 9.3 percent decrease in exports compared to the previous year.

This loss was the highest decline in exports after the global financial crisis in 2009, he said. German exports fell 18.4 percent in 2009.

Border closures due to the epidemic, problems with logistics services and supply chains have led to significant disruptions in exports since the spring of 2020. According to the German Foreign Trade Association, foreign trade will increase again this year and reach pre-crisis levels by the summer of 2022.

The greatest demand for German goods is from China

According to statistics, demand from China increased the most last year, and despite the epidemic, the share of German goods in China, the world’s second largest economy, increased.

On the other hand, many countries closed for the second time in the fall due to the epidemic, German foreign trade continued to improve, it was said. It was noted that the export rate increased by a month in December.

The import rate in the German economy also decreased by 7 percent compared to the previous year and fell to 1 trillion 25 billion 600 million.

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