Latest data released by Destatis - 9 July 2020
- Prior €3.2 billion; revised to €3.6 billion
- Current account balance €6.5 billion vs €10.0 billion expected
- Prior €7.7 billion
- Exports +9.0% vs +14.0% m/m expected
- Prior -24.0%
- Imports +3.5% vs +12.4% m/m expected
- Prior -16.5%; revised to -16.6%
The German trade surplus grew in May as exports expanded more strongly than imports, but the rebound on both fronts were more mild than estimated after the more subdued readings seen in March and April.
If anything else, this points towards a slower recovery in terms of trade conditions and that certainly isn't a good sign of external demand for Germany and the euro area.
