Germany's exports decline 3.5%, imports down 6.6% in May 2024

In May 2024, German exports fell by 3.6 per cent and imports dropped by 6.6 per cent on a calendar and seasonally adjusted basis compared to April 2024, according to provisional data from the Federal Statistical Office (Destatis). Compared to May 2023, exports decreased by 1.6 per cent and imports fell by 8.7 per cent. Germany exported goods worth €131.6 billion (approximately $142.56 billion) and imported goods worth €106.7 billion (approximately $115.62 billion) in May 2024 after calendar and seasonal adjustments. This resulted in a foreign trade surplus of €24.9 billion, up from €22.2 billion in April 2024 and €16.8 billion in May 2023.

Germany exported goods valued at €72.3 billion to the European Union (EU) and imported goods worth €55.7 billion from these countries in May. Compared with April 2024, exports to the EU decreased by 2.5 per cent, and imports from the EU fell by 8.9 per cent. Exports to euro area countries totalled €50.2 billion (minus 2.7 per cent), and imports from these countries were €37 billion (minus 8.6 per cent). Exports to non-euro area EU countries amounted to €22.1 billion (minus 2 per cent), while imports from these countries were €18.7 billion (minus 9.6 per cent).

Germany's exports to non-EU countries (third countries) totalled €59.4 billion in May 2024, while imports from these countries amounted to €51 billion, after calendar and seasonal adjustments. Compared with April 2024, exports to third countries decreased by 4.9 per cent, and imports from these countries dropped by 4 per cent, as per Destatis.

The US remained Germany's largest export destination in May 2024. However, exports to the US decreased by 2.9 per cent from April 2024, totalling €13.8 billion. Exports to China fell by 10.2 per cent to €7.6 billion, and exports to the UK declined by 11.7 per cent to €6.5 billion. China was the leading source of German imports, with goods valued at €13 billion, representing a 1.7 per cent increase compared to April 2024. Imports from the US rose by 4.6 per cent to €7.9 billion, while imports from the UK fell by 9.3 per cent to €2.7 billion.

German exports to Russia dropped significantly, by 19.3 per cent to €0.6 billion in May 2024 compared to April 2024. Compared with May 2023, exports to Russia decreased by 22.1 per cent. Imports from Russia fell by 8 per cent to €0.2 billion in May 2024 from April 2024 and were down 35.7 per cent compared to May 2023.

On a nominal basis (not adjusted for calendar or seasonal effects), Germany exported goods worth €129 billion and imported goods worth €107 billion in May 2024. Compared to May 2023, this represents a 3.8 per cent decrease in exports and a 10 per cent decline in imports. The unadjusted foreign trade balance showed a surplus of €22 billion in May 2024, up from €15.1 billion in May 2023.

Fibre2Fashion News Desk (DP)