Germany’s trade surplus increased to €18.4 billion (vs €15.5 billion expected) in May from €15.7 billion in April, as exports fell -1.4% MoM (vs -0.2% MoM expected) and imports dropped a sharper -3.8% MoM (vs -0.9% MoM expected).

• On an annual basis, exports were up just +0.4% YoY to €129.4 bil, while imports rose +4.2% YoY to €111.1bil.
• Exports to EU countries dropped -2.2% MoM, and imports from EU countries dropped -3.6% MoM.
• Exports to the US dropped -7.7% MoM and -13.8% YoY, hitting their lowest level since March 2022.
• Exports to China fell -2.9% MoM, while exports to the UK rose +15.1% MoM.
• Imports from China declined -1.0% MoM; imports from the US fell sharply by -10.7% MoM.
• Trade with Russia continued to shrink: exports fell -12.1% MoM and -11.1% YoY, while imports rose +9.4% MoM but were still down -39.8% YoY.