German imports up 27.8% YoY in May 2022

Most imports to Germany came from China in May as goods to the value of €18 billion were imported from there, which was a 1.6 per cent decrease compared with the previous month, after calendar and seasonal adjustment. Imports from the US rose by 9.7 per cent to €7.4 billion, while imports from the UK dropped by 2 per cent to €3.4 billion in the same period.

On a calendar and seasonally adjusted basis, Germany imported goods to the value of €61.8 billion from the Member States of the European Union (EU) in May 2022. Compared with April 2022, calendar and seasonally adjusted imports from EU countries rose by 2.5 per cent. The value of the goods imported from euro area countries totalled €42.5 billion (+1.6 per cent). Goods to the value of €19.3 billion (+4.7 per cent) were imported from EU countries not belonging to the euro area, according to Destatis.

As for Germany’s exports, in May 2022, they were down by 0.5 per cent on a calendar and seasonally adjusted basis compared with April 2022 and up by 11.7 per cent from May 21.

After calendar and seasonal adjustment, Germany exported goods to the total value of €125.8 billion and imported goods to the value of €126.7 billion in May 2022. The foreign trade balance showed a deficit of €1 billion in May 2022. There had been a calendar and seasonally adjusted surplus of €3.1 billion in April 2022 and €13.4 billion in May 2021.

Germany exported goods to the value of €130.3 billion and imported goods to the value of €129.8 billion on a nominal basis (not adjusted for calendar or seasonal effects) in May 2022. Compared with May 2021, exports increased by 19 per cent and imports by 33.6 per cent. The unadjusted foreign trade balance showed a surplus of €0.5 billion in May 2022. In May 2021 the surplus had been €12.4 billion, the Destatis data showed.

Germany’s exports to the Russian Federation rose by 29.4 per cent to €1 billion in May 2022 from April 2022 after dropping sharply by nearly 60 per cent in March 2022 from February 2022 and by 9.9 per cent in April 2022 from March 2022. Compared with May 2021, exports were by 54.6 per cent lower. Imports from Russia declined by 9.8 per cent to €3.3 billion in May 2022 from April 2022.

Fibre2Fashion News Desk (KD)