Berlin (dpa) – German exports plunged at their fastest pace in almost seven years in August, as slowing growth in the world’s major emerging markets hit Europe’s biggest economy, data released on Thursday showed.
Monthly exports shrunk by a bigger-than-forecast 5.2 per cent in August to post their steepest drop since 2009, when the nation’s economy was in the grip of the world financial crisis.
Exports gained 2.2 per cent in July, the Federal Statistical Office (Destatis) said.
But, since July, signs have emerged that the slowdown under way in leading emerging economies such as China, Brazil and Russia has gathered momentum, as a result undercutting Germany’s economic performance.
German imports also fell in August, slumping by 3.1 per cent after posting a 2.3-per-cent rise in July, Destatis said.
Analysts surveyed by dpa-AFX had expected a 0.9-per-cent decline in August exports and a 0.6-per-cent drop in imports.