Data published by the Federal Statistical Office (Destatis) showed that on a calendar and seasonally adjusted basis, German exports fell in May by 3.6% compared to April and by 1.6% per annum, to 131.6 billion euros, while imports decreased by 6.6% on a monthly basis and by 8.7% per annum, to 106.7 billion euros. As a result of such changes, the trade surplus rose to 24.9 billion euros (the highest value since January) from 22.2 billion euros in April (revised from 22.1 billion euros). Economists had expected the surplus to fall to 20.3 billion euros.
Destatis said that, on a calendar and seasonally adjusted basis, Germany exported goods worth 72.3 billion euros (-2.5% m/m) to the member states of the European Union (EU), while imports of goods from these countries amounted to 55.7 billion euros (-8.9% m/m). The value of goods exported to the eurozone countries amounted to 50.2 billion euros (-2.7% m/m), and the value of goods imported from there amounted to 37.0 billion euros (-8.6% m/m). Goods worth 22.1 billion euros (-2.0% m/m) were exported to EU countries outside the eurozone, while the value of goods imported from these countries amounted to 18.7 billion euros (-9.6% m/m).
Exports of goods to countries outside the EU (third countries) amounted to 59.4 billion euros (-4.9% compared to December), while imports from these countries amounted to 51.0 billion euros (-4.0% m/m). Most of the German exports were sent to the United States (-2.9% m/m, to 13.8 billion euros), and most of the imports came from the People's Republic of China (+1.7% m/m, to 13.0 billion euros).