Germany’s trade numbers are in, and it looks like the economic powerhouse is playing a game of “who can shrink slower?” in the global marketplace. Despite both exports and imports taking a nosedive, Germany’s trade surplus managed to fatten up in May 2024.
The Federal Statistical Office reported on Monday a trade balance of €24.9B, up from April’s €22.2B read, proving that sometimes, you can win by losing less than the other guy.
Here’s the scoop: German exports stumbled by -3.6% to €131.6B, while imports took an even bigger tumble, dropping -6.6% to €106.7B. Compared to last May, it’s like exports caught a mild cold (-1.6%), but imports came down with the flu (-8.7%).
In the international trade playground, Germany’s relationships are as complicated as a telenovela. The U.S., their BFF in buying stuff, cooled off a bit, reducing purchases by-2.9%. China, meanwhile, seems to be playing hard to get, with German exports there plummeting -10.2%.
And poor Russia? Well, let’s just say trade with them is about as popular as a vegetarian at a bratwurst festival, plunging -19.3% in a month. On the flip side, Germany’s shopping spree in China grew slightly, while they splurged a bit more on American goods.
