Germany’s exports soared in May as total exports of goods hit a record high, reflecting a recovery in global demand since the beginning of the year.
Total exports of goods increased by 1.4%–the fifth straight monthly increase. Germany’s exports leapt 14.1% compared with May 2016 in non-adjusted terms, led by strong demand from outside the European Union.
In late June Germany’s VMDA engineering federation raised its output forecast for the sector, citing better-than-expected demand from the eurozone and Asia, especially China.
German imports of goods also increased in May. They rose 1.2% compared with April.
Germany’s adjusted trade surplus–or the balance of exports and imports–rose to EUR20.3 billion in May from EUR19.8 billion in April.