German Exports and Imports Plunge in September, Highlighting Economic Struggles
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German exports dropped sharply in September compared to last year, while imports fell even further. Exports were down 7.5% and imports fell 16.6%.
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The declines highlight difficulties for German businesses amid reduced foreign and domestic demand. Exports to China and the U.S. were down.
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The trade surplus shrank to €16.5 billion from €17.7 billion in August. Figures were revised to show a small increase in August exports.
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The export drop could lead to a downward GDP revision for Q3 2022. Economists say factors like supply chain issues and high energy prices are hurting trade.
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The German government predicts a 0.4% economic contraction in 2022. The IMF forecasts Germany as the only major advanced economy to shrink this year.