German exports expected to decline in May but gradually improving

In May, the German trade surplus is expected to have amounted to €20.4bn, down from €21.8bn in April. Exports are expected to have decreased by 0.5% mom, but that reflects more a correction for the three strong previous months, with the underlying trend still on the rise. 

Exports to the US and the UK in particular have been on the rise for some time. Imports are expected to have increased by 0.5% mom, with domestic demand still pushing up imports. Despite tentative signs of improvement in global trade following the weak Q1, there is still considerable uncertainty regarding the strength of global trade.