Balance on goods lowest in 10 years
The balance on goods fell by 12% (y-o-y) to EUR 13.7 billion, the lowest level it has been since the second quarter of 2010. Exports of goods contacted by 15% to EUR 103 billion. Imports of goods underwent a similar contraction (-16%), amounting to EUR 89.7 billion. In both cases, the contraction was largest in the oil and gas production sector. This was largely due to price falls. Trade in means of transport was hit hardest on both the import and export sides as a result of the coronavirus crisis.