Germany's exports declined the most in nine months on weak global demand in May and imports logged a weak growth, reflecting subdued domestic demand.
Data from Destatis showed Friday that exports fell by a seasonally-adjusted 1.8 percent month-on-month in May, confounding expectations for a 0.4 percent rise.
This was the biggest decrease since August, when shipments slid 4.3 percent. In April, exports edged up 0.1 percent.
Imports logged a 0.1 percent rise in May, the first increase in three months. May's gain reversed a 0.3 percent fall in April, but it was weaker than the expected growth of 0.7 percent.
The seasonally adjusted trade surplus decreased to about EUR 22.1 billion from EUR 24.1 billion in April.
On a yearly basis, exports grew 1.6 percent, slower than the 3.9 percent increase seen a month ago. Meanwhile, imports slid 0.1 percent after staying flat in April.
Consequently, the trade surplus declined to EUR 21 billion from EUR 25.7 billion in the previous month. The expected level of surplus was EUR 23.5 billion.
Data showed that the current account surplus increased to EUR 17.5 billion from EUR 11.7 billion in the prior year.
Exports to euro area countries climbed 1.5 percent annually, while imports from the currency bloc fell 0.8 percent. At the same time, exports to EU moved up 2.1 percent and imports from EU rose 0.2 percent.
According to a survey conducted by the Association of German Chambers of Commerce and Industry (DIHK), German exports to the U.K. are set to fall 1 percent this year and 5 percent next year.
by RTT Staff Writer
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