Data published by the Federal Statistical Office (Destatis) showed that on a calendar and seasonally adjusted basis, German exports fell in May by 1.4% compared to April and rose by 0.4% per year, to 129.4 billion euros, while imports decreased by 3.8% on a monthly basis and increased by 4.2% per annual, to 111.1 billion euros. As a result of such changes, the trade surplus rose to 18.4 billion euros from 15.7 billion euros in April (revised from 14.6 billion euros). Economists had expected the surplus to reach 15.5 billion euros.
Destatis said that, on a calendar and seasonally adjusted basis, Germany exported goods worth 71.3 billion euros (-2.2% m/m) to the member states of the European Union (EU), while imports of goods from these countries amounted to 57.7 billion euros (-3.6% m/m). The value of the goods exported to euro area countries totalled 49.3 billion euros (-2.6% m/m), and the value of the goods imported from these countries was 37.9 billion euros (-3.2% m/m). Goods to the value of 22.0 billion euros (-1.3% m/m) were exported to EU countries not belonging to the euro area, while the value of the goods imported from those countries was 19.8 billion euros (-4.2% m/m).
Exports of goods to countries outside the EU (third countries) amounted to 58.1 billion euros (-0.3% compared to April), while imports from these countries amounted to 53.3 billion euros (-4.1% m/m). Most of the German exports were sent to the United States (-7.7% m/m, to 12.1 billion euros), and most of the imports came from the People's Republic of China (-1.0% m/m, to 13.8 billion euros).