Germany's trade surplus hits $21.65 bn despite monthly export dip

Exports of goods fell by 1.4 per cent compared to April 2025, amounting to €129.4 billion (~$151.4 billion). However, year-over-year (YoY), exports were marginally higher by 0.4 per cent. Imports dropped more sharply by 3.8 per cent from the previous month, totalling €111.1 billion (~$130.99 billion), though they recorded a stronger annual rise of 4.2 per cent.

Compared with May 2024, the exports increased by 0.4 per cent and imports rose by 4.2 per cent, based on provisional data. The calendar and seasonally adjusted surplus stood at €15.7 billion in April 2025. In May 2024, the surplus was €22.3 billion, Destatis said in a press release.

On a calendar and seasonally adjusted basis, Germany exported goods to the value of €71.3 billion to the Member States of the European Union (EU) in May 2025, while it imported goods to the value of €57.7 billion from these countries in the same period. Compared with April 2025, calendar and seasonally adjusted exports to EU countries dropped by 2.2 per cent and imports from these countries fell by 3.6 per cent.

The value of the goods exported to euro area countries totalled €49.3 billion, a decline of 2.6 per cent, and the value of the goods imported from these countries was €37.9 billion, down 3.2 per cent. Goods to the value of €22 billion which went down by 1.3 per cent were exported to EU countries not belonging to the euro area, while the value of the goods imported from those countries was €19.8 billion, a decline of 4.2 per cent.

Exports of goods to countries outside the EU (third countries) amounted to €58.1 billion in May 2025, while imports from these countries totalled €53.3 billion, on a calendar and seasonally adjusted basis. Compared with April 2025, exports to third countries declined by 0.3 per cent and imports from third countries fell by 4.1 per cent.

Most German exports in May 2025 went to the United States. After seasonal and calendar adjustment, exports of goods to the United States decreased by 7.7 per cent compared with April 2025, with the value of exports to the United States falling to €12.1 billion, the lowest value since March 2022 (€11.9 billion).

Compared with May 2024, exports to the United States were down 13.8 per cent on a calendar and seasonally adjusted basis. Exports to China decreased by 2.9 per cent to €6.8 billion compared with April 2025. Month on month, exports to the United Kingdom rose 15.1 per cent to €7.2 billion.

Most imports in May 2025 came from China. Goods to the value of €13.8 billion were imported from there, on a calendar and seasonally adjusted basis. This was a decrease of 1 per cent compared with the previous month. Imports from the United States decreased by 10.7 per cent to €7.4 billion. Imports from the United Kingdom increased by 4 per cent to €3.1 billion during the same period.

After calendar and seasonal adjustment, exports to the Russian Federation decreased by 12.1 per cent to €0.5 billion in May 2025 from April 2025 and were down 11.1 per cent from May 2024. Imports from Russia rose by 9.4 per cent to €0.1 billion in May 2025 compared with April 2025 and were down 39.8 per cent from May 2024.

Germany exported goods to the value of €130.2 billion and imported goods to the value of €112.6 billion on a nominal basis (not adjusted for calendar or seasonal effects) in May 2025. Compared with May 2024, exports therefore increased by 2.8 per cent and imports were up 6.1 per cent. The unadjusted foreign trade balance showed a surplus of €17.6 billion in May 2025. In May 2024, the surplus was €20.5 billion.

ALCHEMPro News Desk (SG)