German exports rally in May

German exports rally in May

In May, German exports managed to ascend more than imports, thus extending the trade surplus, according to Monday’s data. That’s another indication that the EU’s leading economy is still in a good shape notwithstanding trade tensions with America.

On the month, seasonally updated exports went up by about 1.8%, according to data from the Federal Statistics. As for imports, they surged by 0.7%.

A Reuters survey had showed that exports soared by 0.75% as well as imports diving by 0.3%.

The recent weakening of the common currency should generate some relief in the nearer months. It would more than compensate current American duties on European steel and aluminum.

The previous week, finance minister Scholz issued a warning that Donald Trump's intention to put duties on products imported from the European Union and China, would damage everybody.

The previous month US leader threatened to put a 20% import duty on all EU-assembled cars, which could turn the industry’s current business model for selling vehicles in America upside down.

Besides this, US leader hit Canada, Mexico and the European Union with duties of 25% on steel and also 10% on aluminum in June, thus ending exemptions, which had been in place since March. In turn, Canada and the EU repelled this attack with their own tariffs on American products.

China has also hit American products with tariffs responding to Trump's intention to put tariffs on China’s imports, frightening German producers who are used to relying on the world's two leading economies for surge.

In May, the German seasonally updated trade surplus extended to 20.3 billion euros from April’s outcome of 19.0 billion euros.  The given outcome topped the Reuters consensus estimate of about 20.0 billion euros.

Additionally, Germany's wider current account surplus, gauging the flow of services, investments, and products dived to 12.6 billion euros from April’s 23.5 billion euros.

Similar

CPI Wednesday: the Doomsday for EURUSD and GBPUSD?
CPI Wednesday: the Doomsday for EURUSD and GBPUSD?

Today, the US Inflation release at 15:30 GMT+3 will determine the further destiny of the major pairs and gold. The event is highly impactful, as the Federal Reserve will make decisions regarding further rate hikes based on it. Also, we brought you some news about XAUUSD and GBPUSD. Stay tuned!

Latest news

No More US Debts in Sight
No More US Debts in Sight

The first day of June should’ve brought us the US default. Unsurprisingly, the US House passes the debt ceiling bill at the latest possible moment.

Gold Rises as Central Banks Buy More
Gold Rises as Central Banks Buy More

About 24% of global central banks intend to increase gold reserves in 2023. Rising inflation, geopolitical turmoil, and worries about interest rates are reasons to increase gold reserves.

US Evades Default This Time
US Evades Default This Time

Greetings to a brand new week full of events, economic releases and US debt frictions. We are here to tell you everything you need to know!

Deposit with your local payment systems

Feel the Team Spirit

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera