Data published by the Federal Statistical Office (Destatis) showed that in May the trade surplus (non-seasonally adjusted) decreased to 0.5 billion euros from 1.3 billion euros in April. Economists had expected a decline to only 1.2 billion euros. Meanwhile, after calendar and seasonal adjustment, Germany recorded a trade deficit of 1 billion euros compared with a surplus of 3.5 billion euros in April. Consensus estimates suggested a reduction in the surplus to 2.7 billion euros. The volume of German exports decreased by 0.5% compared to April, to 125.8 billion euros, while imports increased by 2.7%, to 126.7 billion euros. In annual terms, exports increased by 11.7% and imports increased by 27.8%.
Destatis reported that on a calendar and seasonally adjusted basis, Germany exported goods to the value of 67.5 billion euros to the EU (-2.8% per annum), while it imported goods to the value of 61.8 billion euros (+2.5% per annum) from those countries in May. The value of the goods exported to euro area countries totalled 46.8 billion euros (-2.8% per annum) and the value of the goods imported from there was 42.5 billion euros (+1.6% per annum).