Germany's trade surplus declined in May

According to the report from the Federal Statistical Office (Destatis), in May 2021, German exports were up by 0.3% and imports by 3.4% on a calendar and seasonally adjusted basis compared with April 2021. Destatis also reports that, after calendar and seasonal adjustment, exports were 0.3% lower and imports 9.4% higher than in February 2020, the month before restrictions were imposed due to the coronavirus pandemic in Germany.

Germany exported goods to the value of 109.4 billion euros and imported goods to the value of 97.1 billion euros in May 2021. Compared with May 2020, exports increased by 36.4% and imports by 32.6% in May 2021. This rise is basically due to the low level of foreign trade in the comparison month (base effect).

The foreign trade balance showed a surplus of 12.3 billion euros in May 2021. In May 2020, the surplus amounted to 7.0 billion euros. In calendar and seasonally adjusted terms, the foreign trade balance recorded a surplus of 12.6 billion euros in May 2021.

The German current account of the balance of payments showed a surplus of 13.1 billion euros in May 2021, which takes into account the balances of trade in goods (+14.4 billion euros), services (+1.2 billion euros), primary income (-0.1 billion euros) and secondary income (-2.4 billion euros). In May 2020, the German current account showed a surplus of 7.1 billion euros.