Germany: Exports rebound in May
External sector data for May was positive, with exports increasing 1.8% month-on-month on a seasonally- and calendar-adjusted basis, contrasting April’s 0.3% drop. Import growth eased from 2.6% in April to 0.7% in May. As a result, the trade surplus widened from a revised EUR 19.0 billion in April (previously reported: EUR 19.4 billion) to EUR 20.3 billion in May.
On an annual basis, exports dropped 1.3% in May over the same month a year ago, contrasting the prior month’s 9.3% expansion. Growth in imports, meanwhile, was a meager 0.8% over a year ago, significantly down from April’s 8.6% expansion. Annual growth in the 12-month moving sum of exports dropped from 5.8% in April to 4.5% in May; growth of the 12-month moving sum of imports slowed from 6.8% in April to 5.6% in May. The 12-month accumulative trade balance inched up from the prior month’s revised surplus of EUR 248.8 billion (previously reported: EUR 249.4 billion) to EUR 248.9 billion in May.