Bad news about the global economy and that of the world’s largest nations continues to rush out. Germany’s exports plunged 4.8% in May, compared to the same month last year, according to its Federal Statistics Bureau. Exports to EU nations crumbled by 7.1% compared to May of last year.
Data out of Germany has been mixed. Sentiment figures have been strong, but GDP numbers have been weak. Germany is not close to a recession, based on the estimates of most economists. However, its economy may have entered a long period in which growth is negligible.
Germany exported goods to the value of 88.2 billion euros and imported goods to the value of 75.2 billion euros in May 2013. Based on provisional data, the Federal Statistical Office (Destatis) also reports that German exports decreased by 4.8% and imports by 2.6% in May 2013 on May 2012.
The month-on-month comparison showed opposite developments of exports and imports upon calendar and seasonal adjustment. While exports decreased by 2.4% on April 2013, imports increased by 1.7%.The foreign trade balance showed a surplus of 13.1 billion euros in May 2013. In May 2012, the surplus had amounted to 15.6 billion euros. In calendar and seasonally adjusted terms, the foreign trade balance recorded a surplus of 14.1 billion euros in May 2013.
According to provisional results of the Deutsche Bundesbank, the current account of the balance of payments showed a surplus of 11.2 billion euros in May 2013, which included the balance of services (–0.4 billion euros), factor income net (+1.6 billion euros), current transfers (–2.1 billion euros), and supplementary trade items (–1.0 billion euros). In May 2012, the German current account showed a surplus of 10.0 billion euros.
In May 2013, Germany dispatched goods to the value of 50.0 billion euros to the Member States of the European Union (EU), while it received goods to the value of 49.1 billion euros from those countries. Compared with May 2012, dispatches to the EU countries decreased by 7.1% and arrivals from those countries by 0.7%. Goods to the value of 32.3 billion euros (–9.6%) were dispatched to the Euro area countries in May 2013, while the value of the goods received from those countries was 34.6 billion euros (–0.5%). In May 2013, goods to the value of 17.7 billion euros (–2.4%) were dispatched to EU countries not belonging to the Euro area, while the value of the goods which arrived from those countries was 14.4 billion euros (–1.3%).
Exports of goods to countries outside the European Union (third countries) amounted to 38.2 billion euros in May 2013, while imports from those countries totalled 26.1 billion euros. Compared with May 2012, exports to third countries decreased by 1.6% and imports from those countries by 5.9%.
| Item | May 2013 |
January to May 2013 |
Percentage change from | |
|---|---|---|---|---|
| May 2012 |
January to May 2012 |
|||
| billion euros | in % | |||
| Discrepancies in the totals may occur due to rounding. | ||||
| Total exports | 88.2 | 454.3 | –4.8 | –0.3 |
| including: | ||||
| EU Member States | 50.0 | 259.9 | –7.1 | –2.1 |
| Euro area | 32.3 | 169.8 | –9.6 | –3.6 |
| Non-euro area | 17.7 | 90.1 | –2.4 | 0.9 |
| Third countries | 38.2 | 194.4 | –1.6 | 2.2 |
| Total imports | 75.2 | 374.0 | –2.6 | –1.7 |
| including: | ||||
| EU Member States | 49.1 | 242.0 | –0.7 | 0.3 |
| Euro area | 34.6 | 169.0 | –0.5 | –0.7 |
| Non-euro area | 14.4 | 73.1 | –1.3 | 2.5 |
| Third countries | 26.1 | 132.0 | –5.9 | –5.0 |
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