09.07.202006:29:00UTC+00German Exports Rebound In May

Germany's exports grew for the first time since the coronavirus pandemic hit the economy in March, data from Destatis showed Thursday.

Exports grew 9 percent month-on-month in May, reversing a 24 percent decline in April. Nonetheless, shipments were expected to grow at a much faster pace of 13.8 percent.

At the same time, imports climbed 3.5 percent after falling 16.6 percent a month ago. Economists had expected a 12 percent rise.

As a result, the trade surplus rose to a seasonally adjusted EUR 7.6 billion from EUR 3.4 billion in April. This was also above economists' forecast of EUR 5.2 billion.

On a yearly basis, exports plunged 29.7 percent and imports decreased 21.7 percent in May.

On an unadjusted basis, the trade surplus decreased sharply to EUR 7.1 billion from EUR 20.7 billion prior year.

The current account balance showed a surplus of EUR 6.5 billion versus EUR 13.3 billion surplus seen in the same period last year.