German exports fall 24.5 per cent in May
09 Jul 2009
Germany, the world's top exporting country, reported a 24.5 per cent fall in its May 2009 exports, at 60.7 billion euros, compared to exports of 80.5 billion euros in May 2008.
According to provisional data provided by the Federal Statistical Office (Destatis), Germany exported goods and services worth 60.7 billion euros and imported commodities to the value of 51.1 billion euros in May 2009 against exports of 80.5 billion and imports of 66.0 billion euros in May 2008.
German exports in May 2009 were 24.5 lower compared to its exports in the same month in the previous year while its imports were down 22.6 per cent when compared to May 2008.
Exports and imports also showed diverging trends compared to the previous after adjusting for calendar and seasonal variations. While exports increased 0.3 per cent in April 2009, imports decreased by 2.1 per cent.
Germany's foreign trade balance showed a surplus of 9.6 billion in May 2009 against a surplus of 14.5 billion euros in May 2008. Upon calendar and seasonal adjustment, the foreign trade balance recorded a surplus of 10.3 billion euros in May 2009.
According to provisional results of the Deutsche Bundesbank, the current account of the balance of payments showed a surplus of 3.7 billion euros in May 2009, which included the balance of services (-0.9 billion euros), factor income net (-3.0 billion euros), current transfers (-0.9 billion euros), and supplementary trade items (-1.2 billion euros). In May 2008, the current account had showed a surplus of 8.1 billion euros.
In May 2009, Germany dispatched goods and services worth 38.9 billion euros to member states of the European Union, while it received commodities to the value of 33.4 billion euros from those countries. Compared with May 2008, dispatches to and arrivals from the EU countries decreased by 25.4 per cent and 22.1 per cent, respectively.
Goods to the value of 26.8 billion euros (- 23.5 per cent) were dispatched to the euro area countries in May 2009, while the value of the commodities received from those countries was 23.6 billion euros (- 22.3 per cent). In May 2009, commodities to the value of 12.1 billion euros (- 29.4 per cent) were dispatched to countries not belonging to the euro area, while the value of commodities which arrived from those countries was 9.8 billion euros (- 21.8 per cent).
Exports of commodities to countries outside the European Union (third countries) amounted to 21.8 billion euros in May 2009, while imports from those countries amounted to EUR 17.7 billion. Compared with May 2008, exports to third countries decreased by 23.0 per cent, while imports from those countries fell 23.3 per cent.
