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German exports down sharply amid rising protectionism
BY 2018-04-10 07:21:45

BERLIN, April 9 (Xinhua) -- German exports fell unexpectedly sharply in February amid rising trade protectionism, data from the German Federal Statistical Office showed on Monday.

The exports amounted to 107.5 billion euros (131.9 billion U.S. dollars) after calendar and seasonal adjustment, 3.2 percent less than the previous month. It's the biggest decline since August 2015.

Meanwhile, imports dropped by 1.3 percent to 88.3 billion euros.

The results fell far short of economists' forecast, which had predicted a positive figure.

"German exports are losing momentum for the beginning of this year," said deputy executive of the Association of German Chambers of Commerce and Industry (DIHK) Volker Treier in a statement.

Fears of rising protectionism on the part of the U.S. government clouded Germany's foreign trade. "The introduction of new tariffs would be an economic dead end that could hit German exporters particularly hard," said Treier.

Year-on-year, German exports rose 2.4 percent in February, while imports increased by 4.7 percent.

German Chancellor Angela Merkel is due to visit U.S. President Donald Trump on Friday. The European Union's (EU) exception from U.S. steel and aluminum tariffs will be one of the main topics discussed between Merkel and Trump.

(Editor:Li Zhaoqi) (From:xinhua)
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