German Exports Plunge In 2009

Germany lost its title as the world’s top exporter after the country’s exports tumbled by nearly one-fifth last year, the biggest fall in 60 years, the Associated Press reports. However, exports from Europe’s biggest economy showed their first year-on-year growth in December since the fall of 2008, the Federal Statistical Office said, and also were up healthily on the month.

Germany exported goods and services worth euro 803.2 billion (nearly $1.1 trillion) last year, a fall of 18.4% compared with 2008, the office said. Imports totaled euro 667.1 billion ($916 billion), a 17.2% decline.

The figures provided final official confirmation that China overtook Germany as the world’s biggest exporter in 2009. Chinese authorities said last month their country’s total exports were more than $1.2 trillion last year. Exports to Germany’s partners in the European Union were down 19.1% last year at euro 503.5 billion, while deliveries to other countries dropped 17.1% to euro 299.7 billion.

Data also showed that Germany’s annual inflation rate was more or less steady at 0.8% in January, powered by year-on-year rises in oil prices. The figure compared with an annual inflation rate of 0.9% in December. Inflation in Germany, Europe’s biggest economy, hovered around and occasionally below zero for part of last year.