German exports increased by 0.9% in May compared with April, according to data released on Thursday by the federal statistics office.
The result came in better than expected. Economists had forecast a 0.3% decline, making the May export figure a positive surprise for Germany’s trade outlook.
Imports Fall in May
While exports improved, German imports declined during the same period.
On a calendar and seasonally adjusted basis, imports fell by 2.5% in May compared with the previous month.
Trade Surplus Widens
Germany’s foreign trade surplus increased in May.
The trade balance recorded a surplus of €19.1 billion, up from €14.7 billion in April. This shows that exports remained stronger than imports during the month.
EU Exports Decline, Non-EU Demand Improves
Exports to European Union countries fell by 1.1% month-over-month.
However, exports to countries outside the EU rose by 3.6%. This stronger demand from non-EU markets helped support Germany’s overall export growth in May.
