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Germany’s exports faltered in May

AFP-JIJI

German exports fell at a sharper rate than expected in May as weakness in several key markets, including the eurozone, choked sales, official figures showed Monday.

Excluding adjustments for seasonal factors, Europe’s top economy reported a trade surplus of 13.1 billion ($16.8 billion) in May. This was sharply lower than the 17.6 billion ($22.6 billion) forecast by analysts polled by Dow Jones Newswires.

Exports, the traditional driver of German economic growth, dropped to 88.2 billion ($113 billion) versus 94.3 billion ($121 billion) the previous month, the federal statistics office reported.

Imports sank but at a lower rate, to 75.2 billion ($16.8 billion) from 76.4 billion ($98 billion) in April. In a year-on-year comparison, exports declined 4.8 percent and imports 2.6 percent.