German exports down 3.6% in May ’24

German exports experienced a decline of 3.6 per cent in May 2024, and imports fell by 6.6 per cent on a calendar and seasonally adjusted basis compared to April 2024. When compared with May 2023, exports were down by 1.6 per cent and imports saw a significant drop of 8.7 per cent.

Despite these decreases, Germany exported goods worth 131.6 billion euros and imported goods totalling 106.7 billion euros in May 2024, resulting in a trade surplus of 24.9 billion euros. This surplus was higher than the 22.2 billion euros recorded in April 2024 and the 16.8 billion euros recorded in May 2023.

Trade with the European Union (EU) showed a mixed performance, as exports to the EU were valued at 72.3 billion euros, a decline of 2.5 per cent from April 2024, while imports from these countries amounted to 55.7 billion euros, down 8.9 per cent.

Within the euro area, exports totalled 50.2 billion euros, a decrease of 2.7 per cent, and imports were 37.0 billion euros, down by 8.6 per cent. Exports to non-euro area EU countries fell by 2.0 per cent to 22.1 billion euros, and imports dropped 9.6 per cent to 18.7 billion euros.

Trade with non-EU countries also showed declines, with exports totaling 59.4 billion euros, down by 4.9 per cent from April 2024, and imports totalling 51.0 billion euros, a 4.0 per cent decrease.

The United States remained Germany’s largest export market, with goods valued at 13.8 billion euros, though this was a 2.9 per cent decrease from April 2024. Exports to China dropped sharply by 10.2 per cent to 7.6 billion euros, and exports to the United Kingdom fell by 11.7 per cent to 6.5 billion euros.

On the import side, China was the leading source, with imports increasing by 1.7 per cent to 13.0 billion euros. Imports from the United States rose by 4.6 per cent to 7.9 billion euros, while imports from the United Kingdom fell by 9.3 per cent to 2.7 billion euros.

Trade with Russia continued to decline, with exports dropping by 19.3 per cent to 0.6 billion euros in May 2024 compared to April 2024 and by 22.1 per cent compared to May 2023. Imports from Russia also decreased by 8.0 per cent to 0.2 billion euros in April 2024 and were down 35.7 per cent year-on-year.

Attribution: the Federal Statistical Office (Destatis).