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Sharp drop in German exports in November 2008

According to the Federal Statistical Office, German exports dropped by 11.8% in November last year as compared to November in 2007 and totalled 77.1 billion Euros. Imports decreased slightly by just 0.9% (to 67.4 billion Euros). In comparison with October exports and imports fell by 10.6% and 5.6% respectively in November 2008 after adjustments for calendar and season.

The German foreign trade balance closed with a surplus of 9.7 billion Euros in November last year. In November 2007 this surplus had still amounted to 19.4 billion Euros. After adjustments for calendar and season the foreign trade balance surplus amounted to 10.7 billion Euros in November 2008.

The German balance of current accounts closed with a surplus of 8.6 bilion Euros in November 2008 after 19.7 billion Euros in November 2007.

To the member states of the European Union (EU) Germany exported goods to the value of 48.4 billion Euros in November 2008 and imported goods worth 41.8 billion Euros from these countries. The respective changes as compared to November 2007 were -14.0% and -4.7%. To countries outside the European Union Germany exported goods and services to the value of 28.7 billion Euros and imported 25.5 billion Euros worth of goods and services from these countries. The respective changes in comparison with November 2007 were -7.8% and +6.1%.

Economists expect that the above development will have a curbing effect on the German economy. GERMAN