About: http://data.cimple.eu/news-article/126a2b4b3bcb48ca7d8e4429db4d3e6ba13091916a173ab878b41864

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About: http://data.cimple.eu/news-article/126a2b4b3bcb48ca7d8e4429db4d3e6ba13091916a173ab878b41864 Goto Sponge NotDistinct Permalink

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rdf:type	schema:NewsArticle
schema:articleBody	German exports rose sharply in May as coronavirus containment measures eased, official data showed Thursday, adding to signs of a recovery in Europe's top economy even if trade remains well below pre-pandemic levels. Exports climbed nine percent to 80.3 billion euros ($91 billion) compared with April, when they suffered their biggest plunge since records began, according to federal statistics office Destatis. Imports grew at a slower clip of 3.5 percent month-on-month, widening Germany's trade surplus to 7.6 billion euros in seasonally adjusted terms. Analysts surveyed by Factset had predicted a stronger uptick in foreign trade, suggesting that German firms met with weaker than expected demand as they reopened after weeks of lockdown. Compared with a year earlier, exports were down almost 30 percent while imports were nearly 22 percent lower. "German exports staged a first comeback but still have a long way to go before returning to pre-crisis levels," said ING bank analyst Carsten Brzeski. Germany began loosening its coronavirus restrictions earlier than most countries, but the export powerhouse remains highly vulnerable to what is happening in other virus-stricken economies. Exports to China, which is further along in battling the pandemic, were down only 12.3 percent compared with May 2019. But those to the hard-hit United States slumped by 36.5 percent and exports to Britain tumbled by nearly 47 percent. Brzeski said Germany would have to rely heavily on domestic demand to power its coronavirus recovery, with the help of the government's massive coronavirus stimulus package. "If it succeeds, Covid-19 could have been an important driver in finally getting a more balanced growth model of the German economy," he said. mfp/hmn/rl
schema:headline	German exports rise in May as lockdowns ease
schema:mentions	Balance of trade Germany Lockdown European Union Pandemic United States China Coronavirus disease 2019 ING Group FactSet
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-07-09 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	69 (xsd:integer)
http://data.cimple...tology#hasEmotion	happiness

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