Germany’s exports, new orders plunged in November

08 January 2009 18:09  [Source: ICIS news]

TORONTO (ICIS news)--German exports and new orders - two key economic performance measures - plunged in November, according to data released on Thursday.

November exports of €77.1bn ($104.8bn) were down 11.8% from November 2007 and dropped 10.6% sequentially from October 2008, the country's federal statistics agency, the Statistisches Bundesamt in Wiesbaden, said.

Meanwhile, manufacturing orders fell again in November, dropping 6% sequentially from October, the country’s economics ministry said in a separate report.

The decline affect all industrial sectors and followed a 6.3% sequential decline in October, the ministry said.

In light of the sharp drop in new orders, Germany’s industrial production was expected to register additional significant declines in coming months, the ministry said.

German chemical producers said earlier they expected production to fall 1% in 2009, a forecast some commentators already said may be too optimistic.

Economic forecasters expect Europe's largest economy to shrink by 2.2% this year.

($1 = €0.74)

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