Germany: Exports fall more than expected in May

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The German trade balance data published today, Monday, July 4, have shown a deficit of -1B euros in May after posting a 3.5B surplus in April. The result worsens market forecasts, which expected the surplus to be 2.4B.

The exports fell 0.5%, accentuating the 0.3% drop estimated by the consensus. In total they stood at 125.8 billion euros. In April, the indicator rose 4.4%. The imports, however, increased by 2.7% after having grown by 3.5% the previous month, exceeding the forecast 1.2%, and reaching 126.7B euros.

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Based on provisional data, the Federal Statistical Office (Destatis) also reports that exports increased by 11.7% and imports by 27.8% compared to May 2021. Exports to the Russian Federation increased by 29.4%, to 1 billion euros, in May 2022 compared to April 2022, after having sharply decreased by almost 60% in March 2022 compared to February 2022 and 9.9% in April 2022 compared to March 2022. Compared to May 2021 , were 54.6% lower. Imports from Russia decreased by 9.8% to €3.3 billion in May 2022 compared to April 2022.

Source: Fx Street

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