ANL 15.34 Decreased By ▼ -0.54 (-3.4%)
ASC 13.24 Decreased By ▼ -0.26 (-1.93%)
ASL 17.60 Decreased By ▼ -0.70 (-3.83%)
BOP 8.70 Decreased By ▼ -0.18 (-2.03%)
BYCO 7.20 Decreased By ▼ -0.15 (-2.04%)
FCCL 18.44 Increased By ▲ 0.35 (1.93%)
FFBL 22.95 Decreased By ▼ -0.15 (-0.65%)
FFL 15.05 Decreased By ▼ -0.25 (-1.63%)
FNEL 7.09 Decreased By ▼ -0.02 (-0.28%)
GGGL 16.70 Decreased By ▼ -0.16 (-0.95%)
GGL 27.80 Decreased By ▼ -0.35 (-1.24%)
HUMNL 6.70 Increased By ▲ 0.06 (0.9%)
JSCL 19.25 Decreased By ▼ -0.35 (-1.79%)
KAPCO 26.70 Decreased By ▼ -0.30 (-1.11%)
KEL 3.42 Decreased By ▼ -0.01 (-0.29%)
MDTL 2.14 Decreased By ▼ -0.04 (-1.83%)
MLCF 35.30 Increased By ▲ 0.29 (0.83%)
NETSOL 101.20 Decreased By ▼ -2.55 (-2.46%)
PACE 4.11 Decreased By ▼ -0.07 (-1.67%)
PAEL 26.19 Decreased By ▼ -0.96 (-3.54%)
PIBTL 8.14 Decreased By ▼ -0.06 (-0.73%)
POWER 7.25 Increased By ▲ 0.32 (4.62%)
PRL 16.11 Decreased By ▼ -0.33 (-2.01%)
PTC 9.04 Decreased By ▼ -0.04 (-0.44%)
SILK 1.47 Decreased By ▼ -0.03 (-2%)
SNGP 39.97 Decreased By ▼ -0.78 (-1.91%)
TELE 16.55 Decreased By ▼ -0.59 (-3.44%)
TRG 126.00 Decreased By ▼ -4.36 (-3.34%)
UNITY 29.35 Decreased By ▼ -0.55 (-1.84%)
WTL 2.38 Decreased By ▼ -0.05 (-2.06%)
BR100 4,730 Decreased By ▼ -33.56 (-0.7%)
BR30 20,317 Decreased By ▼ -354.35 (-1.71%)
KSE100 45,578 Decreased By ▼ -243.04 (-0.53%)
KSE30 17,872 Decreased By ▼ -134.34 (-0.75%)

Coronavirus
LOW Source: covid.gov.pk
Pakistan Deaths
28,344
1624hr
Pakistan Cases
1,267,393
56724hr
1.45% positivity
Sindh
466,945
Punjab
438,636
Balochistan
33,159
Islamabad
106,615
KPK
177,240
Markets

German Jan-June oil imports crept up 0.4pc yr/yr despite coronavirus

  • Overall volumes reaching Germany in January-June totalled 41.9 million tonnes, up from 41.7 million in comparable 2019,
  • They recovered somewhat in May but dropped again in June in the country's biggest economic slump since World War Two.
02 Sep 2020

FRANKFURT: German crude oil imports in the first six months of 2020 were 0.4% above those a year earlier although they fell by 1.6% in June alone as the economy slowed due to the coronavirus crisis, official data showed on Wednesday.

Overall volumes reaching Germany in January-June totalled 41.9 million tonnes, up from 41.7 million in comparable 2019, monthly statistics issued by the BAFA foreign trade office showed.

Imports in January through March, before the outbreak of the virus, had still been above year-ago levels but when the pandemic and related lockdowns hit industrial activity, they dropped sharply by 11.3% in April, dragging down the total.

They recovered somewhat in May but dropped again in June in the country's biggest economic slump since World War Two. The German economy contracted by a record 9.7% in the second quarter.

Russia accounted for 35.9% of Germany's oil receipts in the six months, followed by 22.6% from the British and Norwegian North Sea, while imports from members of the Organization of the Petroleum Exporting Countries (OPEC) contributed 17.1%.

Other sources, including the United States, provided the rest.

Germany spent 11.9 billion euros ($14.07 billion) on crude imports in the first half of the year, 34.6% less than a year earlier when market prices were much higher, BAFA data also showed.

Average prices paid on the border in the six-months period under review fell 35.0% to 283.85 euros per tonne.

Chancellor Angela Merkel's government has since March unleashed an array of rescue and stimulus measures, financed with record borrowing of 217.8 billion euros, to help companies and consumers get out of the crisis.

The government on Tuesday revised upwards its 2020 economic forecast to a decline of 5.8% from a previous estimate of -6.3%.

Comments

Comments are closed.