Germany: Exports rebound in May
July 10, 2017
In May, the seasonally- and calendar-adjusted trade surplus inched up to EUR 20.3 billion from EUR 19.8 billion in April. In May, exports grew 1.4% from the previous month, up from April’s 0.9% expansion. Imports grew 1.2% in May, on par with April’s reading.
Compared to the same month of the previous year, exports sky-rocketed 14.1% in May, contrasting April’s 2.9% drop. Import growth accelerated to 16.3%, up from 5.4% in April. In the 12 months up to May, exports grew an annual 3.5%, up from April’s 2.5% increase. Imports followed the same trend, accelerating to 4.8% from 3.4% and pushing down the 12-month trade balance from EUR 243.5 billion to EUR 242.2 billion in May.
In a recent statement, the Federation of German Wholesale, Foreign Trade and Services (BGA) commented that May’s trade data was impressive, especially in light of continued Brexit-related uncertainty.
Author: Christopher Mc Innes, Economist