Wednesday, 30 Sep 2020

German engineering exports plunge in second-quarter as pandemic takes toll: VDMA

BERLIN (Reuters) – German engineering exports slumped by 22.9% in the second quarter as the coronavirus pandemic and the lockdown imposed to curb it took their toll on this mighty sector of Europe’s biggest economy, engineering association VDMA said on Tuesday.

“It will still be a bumpy road back to normality because for export business to normalise, many of the countries that buy the engineering products need to get a better grip on the pandemic and become more optimistic about investing again,” VDMA chief economist Ralph Wiechers said.

Exports dropped by 14.1% in the first half of 2020 compared to a year earlier, VDMA said.

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