German exports and imports slumped in April, posting their biggest declines in 30 years. Even with the announcement of a stimulus package, the government expects the economy to shrink by 6.3% this year
BERLIN - German exports and imports slumped in April, posting their biggest declines since records began in 1990 as demand dried up in the coronavirus lockdown, casting further gloom over the outlook for Europe’s biggest economy.
Economists polled by Reuters had expected exports to fall by 15.6% and imports to slide by 16%. The trade surplus was expected to come in at 10.0 billion euros . But the government still expects the economy to shrink by 6.3% this year and, in a sign of the scale of the crisis, about a quarter of German companies needed liquidity aid last month, the Ifo economic institute said.
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