Brandenburg Gate in Berlin, Germany

Germany Trade May 2023

Germany: Merchandise exports decline in May

Merchandise exports fell 0.1% in May on a month-on-month calendar and seasonally adjusted basis (April: +1.0% mom c.s.a.). Meanwhile, merchandise imports rebounded, growing 1.7% in May (April: -0.1% mom c.s.a.). As a result, the merchandise trade balance deteriorated from the previous month, recording an EUR 13.5 billion surplus in May (April 2023: EUR 14.0 billion surplus; May 2022: EUR 4.9 billion surplus). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording an EUR 125.6 billion surplus in May, compared to the EUR 117.0 billion surplus in April.

Carsten Brzeski, global head of macro at ING commented:

“In the very near term, the ongoing weakening of export order books, the expected slowdown of the US economy (which accounts for roughly 10% of total German exports), high inflation and high uncertainty will clearly have an impact on German exports. One of the few silver linings for German exports remains the CEE countries, which currently account for more than 11% of total German exports.”

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