German Exports Log Unexpected Expansion, Imports Fall
(RTTNews) - Germany's exports grew unexpectedly in May largely driven by the surge in shipments to the US, while overall imports dropped for the first time in four months, official data revealed Thursday.
Exports rose 0.9 percent in May from the previous month, in contrast to the expected fall of 0.3 percent. Shipments had increased 0.8 percent in April.
Meanwhile, imports decreased unexpectedly by 2.5 percent, reversing a 1.1 percent rise in April. Economists had forecast a monthly growth of 0.1 percent.
Consequently, the trade surplus rose to EUR 19.1 billion from EUR 14.7 billion in April. In the same period last year, the surplus totaled EUR 18.8 billion.
On a yearly basis, exports dropped 0.8 percent, reversing April's 3.7 percent increase. At the same time, growth in imports eased to 1.6 percent from 6.1 percent. Data showed that exports to EU countries decreased 1.1 percent from April and imports from these countries slid 2.5 percent. Similarly, exports to the euro area fell 0.5 percent and goods from the euro area decreased 4.3 percent.
In May, most German exports went to the United States. Exports to the US surged 23.1 percent and imports from the US were up 11.5 percent.
Further, data showed that exports to China advanced 7.1 percent but imports dropped 2.0 percent.
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