German Exports Rose in May in Line With Expectations -- Update

-- German exports rose 0.3% on month, imports increased 3.4%

-- Germany's trade surplus totaled 12.6 billion euros ($14.9 billion)

-- Current account showed a EUR13.1 billion surplus in May

By Maria Martinez

German exports continued their gradual recovery in May despite the continuation of some lockdown restrictions.

The country's exports rose 0.3% on month in adjusted terms, statistics office Destatis said Thursday. Economists had forecast a 0.3% increase in adjusted terms, according to a poll by The Wall Street Journal.

Imports increased 3.4% on month, Destatis said. The figures account for seasonal swings and calendar effects.

In May 2021 exports were 0.3% lower and imports 9.4% higher than in February 2020, the month before restrictions were imposed in Germany because of the coronavirus pandemic.

Germany exported goods to the value of EUR109.4 billion and imported goods to the value of EUR97.1 billion. Of the exports, EUR60.7 billion went to European Union member states and EUR48.8 billion to other countries.

Compared with May 2020, exports increased 36.4% and imports 32.6% in May. This rise is basically due to the low level of foreign trade in May 2020, Destatis said.

Germany's trade surplus--the balance of exports and imports of goods--totaled 12.6 billion euros ($14.9 billion) in calendar and seasonally adjusted terms in May, Destatis said. Economists polled by The Wall Street Journal had forecast the trade surplus at EUR16.0 billion.

According to provisional results from central bank Deutsche Bundesbank, the current account of the balance of payments showed a EUR13.1 billion surplus in May, taking into account the balances of trade in goods including supplementary trade items, services, primary income, and secondary income.

Write to Maria Martinez at [e-mail]

(END) Dow Jones Newswires

07-08-21 0243ET