Germany Trade Balance


Germany: Exports rebound in May

July 8, 2011

German firms continue to benefit from fast-growing economies, particularly China. In May, exports expanded a calendar and seasonally adjusted 4.3% over the previous month, contrasting a 5.6% contraction in April. The May reading exceeded market expectations that had exports growing a more moderate 1.5%. Imports expanded 3.7% over April on a calendar and seasonally adjusted basis, contrasting the 2.5% contraction registered in April. On an annual basis exports grew 19.9% in May, faster than the previous month's 13.4%. Imports, in contrast, slowed from a 20.1% expansion in April to a 15.6% rise in May. As a result, the trade surplus widened from EUR 10.8 billion in April to EUR 14.8 billion in May. Exports are experiencing a robust upswing, with the moving three-month sum in exports reaching EUR 275 billion, which exceeds April's EUR 266 billion and is well above the pre-crisis peak of EUR 257 billion observed in November 2007. The Federation of German Wholesale, Foreign Trade and Services (BGA, Bundesverband Gro

Author:, Senior Economist

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