German and French exports drop
BERLIN (Reuters) - German exports fell for a fifth month running in February and in France exports dropped by more than a fifth on the year, aggravating recessionary pressures in the euro zone's two biggest economies as global trade slows sharply.
German exports fell by 0.7 percent on the month and figures for January were revised down to show a 7.4-percent slump, compared to 4.4 percent originally reported. Unadjusted exports dropped by 23.1 percent on the year in February and imports fell 16.4 percent.
Adding to the bleak news out of Germany, Europe's largest economy, a sharp drop in domestic demand led a steeper-than-expected 3.5-percent fall in manufacturing orders in February, Economy Ministry data released on Wednesday showed.
"The fall in incoming orders in Germany is unprecedented. In just six months (since August last year) orders are down by 33.3 percent," Citigroup economist Juergen Michels wrote in a research note.
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