Germany: Exports rebound in May
July 9, 2012
In May, exports jumped a seasonally and working-day adjusted 3.9% over the previous month, which contrasted the 1.7% contraction recorded in April. The positive outturn overshot market expectations that had exports rising only 0.1% and represents the strongest growth rate since March 2011. Imports also surged over the previous month by rising 6.3%, which contrasted the 4.9% drop observed in April. Compared to the same month last year, German shipments decelerated from a 3.4% increase in April to a 0.5% expansion in May (EUR 92.5 billion), which marks the slowest pace in over two years. Imports, in contrast, contracted 0.2% in June to EUR 77.2 billion, which followed on the 1.0% drop registered in April. As a result, the trade surplus reached EUR 15.3 billion in May, which was above the EUR 14.6 billion seen in the same month last year. The Federation of German Wholesale, Foreign Trade and Services (BGA) expect export growth to reach 6.0% this year, which will push exports to a new-record high of EUR 1.12 trillion.