Germany: The commercial balance increases its surplus to 18.4b of euros in May, although exports and impotations fall more than expected

The German commercial balance has unexpectedly increased its surplus in Mayraising it to 18.4b of euros from 15.8b (upward from 14.6b) of April, as reported by Destatats. The increase exceeds market expectations, which expected 15.5b of euros.

According to the statement, Germany exported merchandise worth 129.4 billion euros and imported goods worth 111.1 billion euros in May 2025. Therefore, the external commercial balance showed a surplus of 18.4 billion euros in May 2025. In May 2024, the surplus was 22.3 billion euros.

Exports fell 1.4% monthly in May, worsening the estimated 0.2% decrease. In April, the indicator fell 1.6% (reviewed from -1.7%).

Imports also descended in May, falling 3.8% compared to the 0.9% planned decrease. The April figure has been reviewed down, standing at +2.2% compared to +3.9% published a month ago.

Compared to May 2024, the Federal Statistics Office (Destatis) reports that exports increased 0.4% and imports 4.2%, based on provisional data.

Euro reaction

The euro has risen after the German data, taking an impulse of more than 20 pips to the area of ​​1,1752, new maximum of the day. At the time of writing, the EUR/USD quotes over 1,1748, winning 0.34% daily.