Germany's trade surplus rose sharply in May

According to the report from Federal Statistical Office (Destatis), Germany exported goods to the value of 80.3 billion euros and imported goods to the value of 73.2 billion euros in May 2020. Destatis also reports that exports decreased by 29.7% and imports by 21.7% in May 2020 year on year.

Compared with April 2020, exports were up 9.0% and imports 3.5% after calendar and seasonal adjustment. Compared with February 2020 – the month before the corona lockdown, exports decreased by a calendar and seasonally adjusted 26.8%, and imports by 18.2%.

The foreign trade balance showed a surplus of 7.1 billion euros in May 2020. In May 2019, the surplus amounted to 20.7 billion euros. In calendar and seasonally adjusted terms, the foreign trade balance recorded a surplus of 7.6 billion euros in May 2020.

The German current account of the balance of payments showed a surplus of 6.5 billion euros in May 2020, which takes into account the balances of trade in goods (+8.5 billion euros), services (+1.1 billion euros), primary income (+0.4 billion euros) and secondary income (-3.5 billion euros). In May 2019, the German current account showed a surplus of 13.3 billion euros.

In May 2020, Germany exported goods to the value of 42.4 billion euros to the Member States of the European Union (EU), while it imported goods to the value of 38.4 billion euros from those countries. Compared with May 2019, exports to the EU countries decreased by 29.0%, and imports from those countries fell by 25.2%.