Germany's exports rose for the fifth straight month in September, official data showed Monday, with China leading recovering demand as many Asian economies put the coronavirus pandemic behind them.

Exports grew 2.3 percent month-on-month, after a 2.4 percent rise in August, federal statistics agency Destatis said in seasonally adjusted figures.

Imports fell 0.1 percent in August.

Germany shipped goods abroad worth 109.8 billion euros ($130.3 billion) and imported goods worth 89 billion euros.

The fifth-straight rise follows a plunge in activity in March and April, when virus lockdowns closed factories and businesses.

Exports in September were still 3.8 percent down on the same month last year, and 7.7 percent below the pre-crisis level of February 2020.

While the German economy strongly rebounded in the third quarter -- growing 8.2 percent after contracting 9.8 percent in the spring -- new shutdowns announced by Chancellor Angela Merkel that closed restaurants and cafes, the leisure and cultural sectors, will squeeze consumer spending in November.

However, the new regulations do not close factories or manufacturing businesses, including Germany's key car industry, which should reduce some of the economic impact on exports.

But international trade remains dependent on how other countries are dealing with the pandemic.

Exports to China rose 10.6 percent year-on-year, but exports to the United States, which is struggling with record high coronavirus case rates, were down 5.8 percent, and to Britain down by 12.4 percent.

Meanwhile, exports to Germany's biggest market -- the European Union -- slipped 3.3 percent in the month compared with August.

"Exports could still prevent the economy from falling into a second lockdown depression", ING economist Carsten Brzeski said, but with the introduction of the latest restrictions in key markets including France and Italy, "it is hard to see how German exports could remain unharmed."

edf/hmn/bmm

APRIL

ING GROEP

Related Links
Global Trade News

Tweet

Thanks for being here; We need your help. The Space Media 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.
SpaceMediaNetwork Contributor $5 Billed Once credit card or paypal		SpaceMediaNetwork Monthly Supporter $5 Billed Monthly paypal only

Apps win, labor frets after Uber-led 'gig worker' measure passes
San Francisco (AFP) Nov 8, 2020
A victory for the "gig economy" in California is likely to echo across the US, in a boon for app-based services while igniting fear that big business is rewriting labor laws. Rideshare and delivery apps matching tasks with those willing to perform them as independent contractors sidestepped a labor law with the passage of Proposition 22 in a referendum put before state voters. "Going forward, you'll see us more loudly advocate for new laws like Prop 22," Uber chief executive Dara Khosrowshahi sa ... read more