Berlin, Germany (4E) – Exports and imports in Germany both declined in May, according to official data released Tuesday, further evidence that economic activity is slowing down.
Exports in May fell 1.1 percent on an adjusted monthly basis, while imports dropped 3.4 percent, the biggest monthly decline since November 2012, according to the federal statistics office Destatis.
Exports and imports climbed on an adjusted basis in April, with exports climbing 2.6 percent and imports gaining 0.2 percent. Revised figures for April show a 3.0 percent increase in exports and 0.1 percent rise in imports.
In May, the European Union once again took bulk of German exports, accounting for 53.1bn euros ($72.2bn) of the nation’s total exports of 92.0bn euros.
Germany’s trade surplus in May stood at 18.8bn euros, on a seasonal and calendar adjusted basis. Economists surveyed by The Wall Street Journal had estimated a surplus of 16.2bn euros.
Germany’s trade data comes after the release of industrial production results on Monday, showing a 1.8 percent adjusted decline from April, with manufacturing output falling 1.6 percent from April and construction down 4.9 percent.