German exports to Egypt drop in May to lowest in nine months

German exports to Egypt hit their lowest levels in nine months in May 2016 as they declined by 1.8 percent  in comparison to a year earlier, the National Statistics Office announced Friday.

Europe’s powerhouse exported products worth 97.2 billion euros ($107.7 billion), marking the biggest monthly drop since August 2015.

German exports have been hit by sluggish demand from many of its most important markets, the national statistics office has reported. The recent drop in shipments abroad is seen as yet another warning signal.

May imports – a measure of domestic demand – egded up by 0.1 percent to 77.4 billion euros, Destatis reported.

While exports fell sharply month-on-month, they rose by 1.6 percent in a year-on-year comparison, the statistics office emphasized in its Friday report, prompting economists to jokingly speak of “the rise and fall” of German shipments abroad.

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