logo
  

Germany Trade Balance Swings To Deficit; Exports Unexpectedly Fall

germanytrade1 dec09 04jul22 lt

Germany's trade balance logged an unexpected deficit in May as trade disruption dampened exports, while rising energy prices pushed up imports, data from Destatis showed on Monday.

Exports dropped unexpectedly by 0.5 percent on a monthly basis in May, reversing April's 4.4 increase. Shipments were forecast to grow 0.9 percent.

At the same time, imports advanced 2.7 percent, exceeding the expected rate of 0.9 percent but slower than the 3.5 percent increase posted in April.

As a result, the trade balance showed a deficit of EUR 1 billion in contrast to a EUR 3.1 billion surplus seen in April. Economists had forecast the surplus to fall to EUR 2.7 billion.

Exports to the EU countries dropped 2.8 percent, while imports from those countries grew 2.5 percent.

Most German exports went to the United States in May, up 5.7 percent and imports from the US gained 9.7 percent.

In May, shipments to the Russian Federation advanced 29.4 percent on month after dropping sharply by nearly 60 percent in March and by 9.9 percent in April. On the other hand, imports from Russia declined 9.8 percent in May.

On a yearly basis, overall exports growth accelerated to 19.0 percent in May from 9.3 percent in the previous month and the increase in imports rose to 33.6 percent from 25.8 percent.

The unadjusted foreign trade balance showed a surplus of EUR 0.5 billion in May compared to a surplus of EUR12.4 billion in the previous year.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Seffner, Florida -based Canyon Furniture Co. is recalling ladders sold with bunk bed and hutch sets citing entrapment and strangulation risks, the U.S. Consumer Product Safety Commission said. The about 2,100 units of Canyon Lake and Cottage Colors Bunk Bed and Hutch Sets were sold exclusively at Rooms To Go. Lyft announced the expansion to its partnership with Indeed in Jobs Access program. The ride-hailing company will be providing transportation access for Indeed's Ready to Work program. Indeed's Ready to Work program is a series of free virtual and in-person events for job seekers in several cities across the U.S. from September 15 to October 8, 2022. Pool and Spa drain covers imported to the United States by various companies have been recalled due to violation of the Virginia Graeme Baker Pool and Spa Safety Act, the U.S. Consumer Product Safety Commission announced. The various recalls include pool and spa drain covers manufactured in China and sold exclusively at Amazon.com for different prices ranging from $10 to $12.
Follow RTT