Germany: Merchandise exports fall for the second consecutive month in May
Latest reading: Merchandise exports decreased 1.3% month on month in seasonally adjusted terms in May (April: -1.6% mom s.a.), marking the second consecutive decline as front-loading efforts ahead of higher trade barriers waned and U.S. tariff hikes came into play. Meanwhile, merchandise imports declined 3.9% over the same month last year in May (April: +2.2% yoy), marking the weakest reading in one year.
As a result, the merchandise trade balance improved from the previous month, recording a USD 17.8 billion surplus in May (April 2025: USD 15.9 billion surplus; May 2024: USD 20.5 billion surplus). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 216.6 billion surplus in May, compared to the USD 219.4 billion surplus in April.