Germany’s trade surplus beats forecasts in May

Germany’s calendar-adjusted trade surplus rose more than expected in May 2025, reaching €18.4 billion, up from €14.6 billion in April. The figure came in well above analysts’ expectations of a €15.7 billion surplus.

According to the Federal Statistical Office (Destatis), exports fell by 1.4% on a monthly basis, following a 1.7% drop in April and missing forecasts for a smaller 0.2% decline. Imports, meanwhile, rose by 3.8%, exceeding expectations for a 0.9% decrease and accelerating slightly from April’s 3.9% increase.

The stronger-than-expected surplus was driven by the sharp rise in imports outpacing the decline in exports.