German Exports

According to the latest figures published on Wednesday by the Federal Statistics Office, exports fell 23.1 percent to just under 65 billion euros in February, compared to the same period last year. This follows a similarly precipitous drop of 23.2 percent in January.

The two-month decline is the worst since World War II. Imports also dropped 16.4 percent to 56.2 billion euros compared to a year ago.

Exports to European Union countries were particularly hard hit, slumping 24.4 percent to 41 billion euros in February, while exports outside the EU fell 20.6 percent for the month to 23.8 billion euros.

As the world's largest exporting nation, Germany has been severely affected by fluctuations in the global economy. German corporate investment and household consumption have failed to make up for the sharp decline in trade.

The government has acknowledged that Europe's biggest economy will contract by more than the current forecast of 2.25 percent this year and possibly as much as seven percent.