German exports fell more sharply than expected in May, official data showed Monday, highlighting the challenges that Europe鈥檚 biggest聽economy聽faces to emerge from the doldrums.
Exports dropped 3.6 per cent from the previous month and stood at 131.6 billion euros ($142.6 billion), federal statistics agency Destatis said in a statement.
It followed two months of slight increases, and was worse than forecast by analysts surveyed by financial data firm FactSet, who had been expecting a decrease of 2.5 per cent.
Exports to the European Union fell 2.5 per cent while beyond the bloc they were down 4.9 per cent.聽
Exports to China, which was Germany鈥檚 top trading partner in 2023, fell 10.2 per cent.聽
The United States remained the biggest importer of 鈥榤ade in Germany鈥� goods, although exports to the world鈥檚 biggest economy declined 2.9 per cent.聽
Germany imported 106.7 billion euros worth of products in May, down 6.6 per cent from a month earlier, with its trade surplus coming in at 24.9 billion euros.
Germany was the only major advanced聽economy聽to shrink last year as it battled high inflation, a manufacturing slowdown and weakness in key trading partners.聽
A recovery is getting underway this year but recent indicators have suggested it may be slower than originally anticipated.
The German government is forecasting 0.3 per cent growth for 2024.聽
