(…) Destatis said exports rose 9.2% on the month to a seasonally adjusted total of €80.8 billion, only 5.4% below their pre-crisis monthly peak of €85.4 billion, and up by nearly 29% from their post-crisis low of €62.3 billion in April last year.
In the short term, however, the export dynamic was overshadowed by an even stronger monthly rise of 14.8% in imports to €70.3 billion. This too is the highest level from the time around the collapse of U.S. investment bank Lehman Brothers Holdings Inc. in 2008 and a 34% increase since last April.
As such, the merchandise trade surplus fell to an unadjusted €9.7 billion from €13.1 billion in April.
The balance in services also swung to a deficit of €1.5 billion from a surplus of €300 million in April, while the balance in investment income swung to a deficit of €3.2 billion from an €800 million surplus.
As such, Germany’s current account, which has been a source of some international criticism this year, both from countries inside and outside of Europe, fell to €2.2 billion from €11.3 billion a month earlier.
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