German exports drop more than expected

Agence France-Presse wrote in a report: The Federal Statistics Office announced in a statement that the country’s exports decreased by 3.6 percent in May compared to the previous month (April-April). and reached 131.6 billion euros (142.6 billion dollars).

The decrease in German exports occurred after two months of slight increase and was worse than the forecasts of the analysts of the financial information company “Factset” who expected this decrease to be 2.5%.

German exports to the European Union decreased by 2.5%, while exports to the EU experienced a 4.9% decrease.

Exports to China, Germany’s largest trading partner, were also accompanied by a 10.2% decrease in 2023.

America remains the largest importer of “Made in Germany” goods, although exports to the world’s largest economy also recorded a 2.9% decrease.

Germany also imported goods worth 106.7 billion euros in May, which was a 6.6% decrease compared to the previous month (April), and the country’s trade surplus reached 24.9 billion euros. /p>

Germany was the world’s only major advanced economy to fall into recession last year as it grappled with rampant inflation, slowing manufacturing growth and weakness in key trading partners.

The country’s economy is expected to emerge from a severe contraction this year and experience a slight boom, although new economic indicators suggest that this may be slower than previously predicted.

The German government has predicted an economic growth of 0.3% for 2024.

Source: IRNA