German trade surplus widens as imports drop sharply

8th Jul 2024 07:37

(Sharecast News) - Germany's trade surplus widened to its highest level in four months in May as imports dropped significantly, according to data out on Monday from the Federal Statistical Office.

The balance of trade increased to €24.9bn in May, up from a revised €22.2bn in April, surprising economists who had expected a decline to €20.3bn.

This was the second-highest nominal surplus on record following the €26.8bn positive balance reported in January.

Imports into Germany sunk 6.6% from April to €106.7bn after growing 1.2% the month before, as imports from Europe fell sharply. Exports also fell but by less than imports, declining 3.6% to €131.6bn.

Compared with May 2023, exports were 1.6% lower while imports dropped 8.7%.