German exports rose in February, official data showed Thursday, but a plunge in trade with China revealed the first impact of the coronavirus pandemic on the economy.

Exports grew 1.3 percent month-on-month while imports fell 1.6 percent, federal statistics body Destatis said in seasonally adjusted figures.

Germany's trade surplus widened to 21.6 billion euros ($23.4 billion) from 18.5 billion euros, it added.

Imports were dragged lower by a 12-percent year-on-year drop in goods arriving from China as the coronavirus forced Chinese businesses and factories to close and kept millions of people at home.

German goods exports to China fell by nearly nine percent over the same period, Destatis added.

The virus has since spread from China across the planet, leaving nearly half the world's population under some type of lockdown and pummelling the global economy.

Destatis said it was too early to estimate the impact of confinement measures on export powerhouse Germany, Europe's biggest economy.

"Major effects of the coronavirus crisis on foreign trade can be expected from the reference month of March," it said.

Figures for March are due to be released on May 8.

The World Trade Organization on Wednesday warned that global trade could plummet by up to a third this year because of the pandemic.

Related Links
Global Trade News

Tweet

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only

Starbucks competitor Luckin apologises for fraud scandal
Beijing (AFP) April 5, 2020
Luckin Coffee, China's biggest rival to Starbucks, apologised on Sunday after it revealed a top executive may have faked 2.2 billion yuan (US$310 million) worth of sales in 2019. The company's former chief operating officer, Liu Jian, and several of his staff have been suspended pending an internal investigation, it said in a US Securities and Exchange Commission filing last week. "The company retains the right to take legal measures against those suspected to be involved, it will not shield th ... read more