Exports reached €137.9 billion, the highest since September 2022, as U.S. trade helped offset uncertainty linked to the Iran war.
German exports unexpectedly increased 0.9% month on month in May, reversing expectations for a 0.3% decline in a Reuters poll and reaching €137.9 billion, the highest level since September 2022. Data from the federal statistics office showed imports fell 2.5% on a calendar and seasonally adjusted basis, lifting the foreign trade surplus to €19.1 billion from €14.7 billion in April. The export gain was driven by demand beyond the European Union, with shipments to countries outside the EU rising 3.6%, while exports to EU countries fell 1.1%. U.S. trade supported the increase as manufacturers remained relatively resilient despite uncertainty prompted by the Iran war.