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HomeBusinessGerman exports plummet in May amid weak global demand

German exports plummet in May amid weak global demand

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German exports fell sharply in May, driven by declining demand from key markets such as China, the U.S., and other European countries, according to data released by the federal statistics office on Monday.

Exports dropped by 3.6% compared to April, significantly exceeding the 1.9% decrease predicted by analysts in a Reuters poll.

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Despite the decline, Germany’s foreign trade balance showed a surplus of 24.9 billion euros ($26.94 billion) in May, up from 22.2 billion euros in April and 16.8 billion euros in May of the previous year.

The statistics office reported that exports to EU countries fell by 2.5% month-on-month, while exports to non-EU countries decreased by 4.9%.

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