U.K and Germany Trades Post Highest Declines Since 2009 Financial Crisis

German exports to Britain declined 30% in January mainly due to its exit from the European Union, according to preliminary estimates released by the Federal Statistics Office.

• The latest drop is nearly twice the 15.5% drop in 2020, the highest year-on-year decline since the financial crisis in 2009 when exports fell 17.0%.
• Exports amounted to 67 billion euros to mark the fourth consecutive year of declines since 2016 when the Brexit referendum was made. Exports were at 89 billion euros at the time.
• British imports to Germany fell 9.6% to 34.7 billion euros, also the highest drop since the 2009 financial crisis when shipments dropped 22.1%.
• Additional data on trade between the two parties are scheduled to be released by the statistics agency on March 9.