German Exports

According to Destatis, German exports have dropped 29 % in April compared to last year. While the drop was exacerbated by a very strong April 2008, the first 4 months of 2009 together have also seen a massive average drop of 23 %.

What's even more worrying: New orders from abroad are down even more, dropping 36 % year-on-year in April (after a 34 % drop in March). Doesn't look like a turnaround in exports is anywhere near...