German exports sharply drop more than expected in May, as revealed by data from the federal statistics office on Monday. The drop, driven by weak demand from China, the U.S., and European countries, saw exports decrease by 3.6% compared to April. Analysts had predicted a more modest decline of 1.9%.
Despite this drop, the foreign trade balance showed a surplus of 24.9 billion euros ($26.94 billion) in May, up from 22.2 billion euros in April and 16.8 billion euros in May of the previous year.
Exports to EU countries fell by 2.5% in May, while exports to countries outside the EU declined by 4.9%, according to the statistics office.
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