EWG - Germany records trade surplus of ?14.4B in May

2023-07-04 02:03:58 ET

Germany recorded a trade surplus of ?14.40B in May of 2023. Consensus estimates at €17.5B. Compares to previous month surplus of €18.4B.

Exports from Germany increased 1.2% M/M to ?130.4B in April 2023, primarily due to higher sales to the EU (4.5%). Conversely, exports to countries outside the EU decreased by 2.4%, with notable declines in sales to Russia (17.8%) and the UK (5.2%). However, exports to the US and China saw positive growth, rising by 4.7% and 10.1%, respectively.

Imports into Germany decreased 1.7% M/M to ?112.0B in April 2023, the lowest level since January 2022. Purchases from the EU dropped by 0.4%, while imports from third countries fell by 3%. Within third countries, imports declined from Russia (-7.6%) and the UK (-6.4 %), but increased from China (1.9%) and the US (2.9%).

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