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German exporters made good deals in May. They even turned out a little better than expected. Compared to April, they delivered 1.8% more merchandise internationally, announced the Federal Statistical Office. Economists were expecting much lower growth. In April, exports were down 0.3 percent
The engine of growth in May was activity in Europe. Exports to other EU countries increased by 2.4% compared to May 2017. The most was mainly attributable to the EU countries that are not members of the euro area. There, the increase was 6.5%. On the other hand, within the Monetary Union, German exports grew by only 0.1% compared to May 2017.
The trade trend with the rest of the world is negative: compared with in the same month last year, German exports fell by 6.4%. The fall of a particularly important trading partner is particularly radical: German exports to the United States fell by more than 10% to reach 8.5 billion euros in May 2018 (2017: 9.5 billion euros).
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