The Import-Export statistics showed low numbers in most European countries as Germany taking the lead

German imports fell 6.6% to 106.7 billion Euros in May 2024, the first monthly contraction this year and the biggest pace of decline since December 2022.

Imports from EU countries shrank 8.9% to 55.7 billion euros, while imports from outside the EU fell by about 4% to 51 billion Euros, with imports from United Kingdom falling by 9.3%, with imports from Russia down 8%.

This led to a decrease in imports in the January-May 2024 period by 5.6% compared to the same period last year, to reach 554.3 billion Euros.

German exports also fell, but less sharply, recording 131.6 billion Euros in May, down 3.6% from April, the lowest value since February.

United Kingdom and Russia were the main reason for the decline in exports, as exports to the two countries fell by 11.7% and 19.3%, respectively, in addition to the decline in exports to China by about 10.2%.

The significant decline in imports caused an unexpected rise in the German trade surplus, to record 24.9 billion Euros in May compared to 22.2 billion Euros in April, the largest level since January, contributing to the rise in the trade surplus in the first five months of 2024 to 116.4 billion Euros.