German trade to ASEAN falls

German trade to ASEAN falls

WIESBADEN, Germany (AFP): German exports to ASEAN nations fell by nearly a fifth to 9.1 billion marks (US$5.3 billion) in the first half of 1998 from the figure for the same period last year, the federal statistics office said on Thursday.

It blamed the financial crises in southeast Asia for the drop.

The first quarter fall was 12.3 percent, but the second quarter showed a plunge of 26.2 percent from the corresponding period in 1997.

Exports to the Association of South East Asian Nations now represented only about 1.9 percent of total exports, the office added.

In the list of Germany's leading trade partners, Thailand fell 13 places, Singapore six and Indonesia and Malaysia five.

German exports overall to Asia also fell, by 8.0 percent to 46.5 billion marks over the first half of 1997.

Imports from ASEAN nations rose 10.5 percent to 11.5 billion marks, but it was not so much as forecast despite more favorable exchange rates owing to the financial crises in the region, as overall German imports from Asia rose by 11.8 percent to 60.2 billion marks.