German Exports sharply declined in May, reflecting a double-digit drop in shipments to China, data from the statistical office showed on Monday. The value of exported goods fell by 3.6 percent in May compared to April, when it had increased by 1.7 percent, statisticians calculated.
Imports plummeted by 6.6 percent, after rising by 1.2 percent in April. Year-on-year, exports decreased by 1.6 percent, while imports fell by 8.7 percent.
Since imports fell significantly more than exports, the surplus in Germany’s trade with the world was 12.2 percent higher in May than in the previous month, reaching 24.9 billion euros. Compared to May of last year, it increased by 48.2 percent.
The most significant monthly decline in May was in exports to non-Eurozone countries, which fell by 4.9 percent. Shipments to other EU and Eurozone member states decreased by about 2.5 percent.
The United States maintained its position as the main destination for German exports in May, but with a 2.9 percent lower value of shipments than in April, amounting to 13.8 billion euros.
Exports to China plummeted by 10.2 percent, to just 7.6 billion euros. The Asian giant, however, confirmed its status as the leading German supplier of goods, with shipment values of 13 billion euros, up by 1.7 percent compared to April.
German exports to Russia fell by 19.3 percent in May compared to April, to 600 million euros. Compared to May of last year, it decreased by 22.1 percent. Imports decreased by eight percent month-on-month, to 200 million euros. Compared to May of last year, it fell by 35.7 percent.
Meanwhile, Germany has reoriented itself towards services, which, according to the Ministry of Economy, now account for about 70 percent of GDP.
