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Germany: ‘Exports seem to have bottomed out’

 German exports in the first quarter fell by 1.1 percent yearly despite a slight increase in March, the Federal Statistical Office said Tuesday.

Quarterly exports from Europe’s largest economy totaled 402.2 billion euros (434.4 billion U.S. dollars).

The report indicates that German exports to China increased by 3.7 percent in March, while China remained Germany’s largest supplier.

“Exports seem to have bottomed out, and there is a recovery in the export business,” said Dirk Jandura, president of the Federation of German Wholesale, Foreign Trade and Services, in a statement on Tuesday, while warning of remaining structural problems, such as declining competitiveness as a business location, and ongoing protectionism.

Germany’s economy is expected to increase by 0.2 percent in 2024, lower than the global growth of 3.1 percent, according to a recent forecast by the Organisation for Economic Co-operation and Development. (1 euro = 1.08 U.S. dollar)

Famagusta Gazette