Germany: Merchandise exports growth accelerates in May
Merchandise exports growth accelerated to 0.3% month-on-month in May from 0.2% in April, while imports jumped 3.4% month-on-month from a 1.4% contraction in the prior month. Consequently, the calendar- and seasonally-adjusted trade surplus narrowed from EUR 15.6 billion in April to EUR 12.6 in April.
On an annual basis, exports of goods skyrocketed 36.4% in May (April: +47.6% yoy), while suggestive of healthier foreign demand dynamics, a supportive base effect flattered the reading. In May last year much of the world was in lockdown during the first wave of the pandemic, which weighed heavily on activity and foreign trade. Imports jumped 32.6% over the same month a year earlier in May on the back of a similar narrative (April: +33.6% yoy).