Following a non-linear dynamic, industrial production and trade are falling more than forecast in Germany. According to April data, German industrial production year on year is −1.8%, against a forecast −1% (previous: −0.42%). Export month on month is −1.7% (forecast −1.4%); Import MoM is 3.9% (forecast 0.5%). Trade balance in April was €14.6 billion (forecast €19.1 billion, previous €21.1 billion).