Cars for exports at the Port of Emden, Germany. Reuters
German exports to China fell by 6.5 per cent on the year in January and the Federal Statistics Office said the drop could not yet be linked to the coronavirus, as the looming impact of the epidemic threatens to tip Europe’s largest economy into recession.
Strong German exports to the United States helped Europe’s largest economy to avoid a recession in the third quarter, a data showed on Friday, as companies benefitted from a weaker euro and trade diversion linked to the US-China tariff dispute.
Germany’s exports rose unexpectedly in October, with demand from beyond Europe offering a boost to the continent’s largest economy, which has teetered on the brink of recession in recent quarters.
Germany’s exports fell by 11.8% in March, their steepest drop since current records began in 1990, as the coronavirus crisis reduced demand for goods from Europe’s biggest economy, the Federal Statistics Office said on Friday.
French President Emmanuel Macron announced an 8 billion euro ($8.8 billion) plan to make France the top producer of clean energy vehicles in Europe and urged French carmakers to make vehicles in their own country.
Dubai Silicon Oasis Authority announced the completion of more than 3,000 transactions worth approximately Dhs10 million in two months, from mid-March to mid-May 2020, while working remotely.
India’s stringent lockdown norms have lasted longer than expected, said Fitch Ratings as it further reduced India’s GDP forecast to (-) 5 per cent from an earlier projected growth of 0.8 per cent for the current fiscal.
The euro retreated from near two-month highs and equity markets wavered on Wednesday even as the EU unveiled a 750b euro ($823 billion) recovery fund that helped offset concerns about unrest in Hong Kong over Beijing’s proposed security laws.