German exports have fallen more sharply than at any time since December
German exports have declined as much as they have since December. Exports shrank by 3.6 percent in May compared to the previous month, reaching 131.6 billion Euro, as reported by the Federal Statistical Office on Monday.
Economists surveyed by Reuters had predicted a decline of 1.9 percent. Exports had risen by 1.7 percent in April. Imports fell by 6.6 percent to 106.7 billion Euro in May. Observers had anticipated a decrease of 1.0 percent.
The German export industry is losing momentum as shown in a recent survey by the Munich Ifo Institute. According to the survey, exporter expectations for June dropped to minus 1.0 points, from plus 0.2 points in May. "There is no clear direction at present," said Klaus Wohlrabe, head of the Ifo surveys, recently. "The export industry still has a lot of room for growth."
Despite the decline observed since December, German exports are expected to recover slightly in the upcoming months. However, exports fell by 1.2% in May compared to the German exports in May of the previous year.
