German trade surplus jumps as US shipments surge

(Sharecast News) - Germany's trade surplus unexpectedly jumped in May, according to the country's federal statistics agency, as exports climbed to their highest level in three and a half years, driven by strong demand from the US. The overall balance of trade swelled to €19.1bn in May, up from a revised €14.7bn in April and ahead of the small increase to €14.8bn pencilled in by analysts.

This marked the highest trade surplus since February, due to a surprise 0.9% increase in exports over the month to €137.9bn. This followed a 0.8% increase in April and beat the 0.3% decline expected, sending the total value of exports to its highest since September 2022.

Exports within the EU totalled €78.3bn in May, down 1.1% compared with April, though exports to non-EU countries jumped 3.6% to €59.6bn.

A total of €14.1bn of exports were shipped to the US in May, representing a 23.1% monthly increase and a 15.4% year-on-year jump. Exports to China rose 7.1% to €6.1bn over the month.

Meanwhile, imports from EU countries fell 2.5% to €59.5bn, while non-EU imports fell 2.6% to €59.4bn.