Germany's trade surplus hits new record as rise in exports outpaces import increase

BERLIN – Germany’s trade surplus widened to a new record in May as exports from Europe’s largest economy increased strongly, outpacing a rise in imports.

The Federal Statistical Office said Thursday that exports rose 1.7 per cent in May over April to 102.1 billion euros ($112.56 billion), when adjusted for calendar and seasonal factors. Imports rose 0.4 per cent to 79.3 billion euros, for a surplus of 22.8 billion euros.

The previous record of 22.3 billion euros was set last month.

In unadjusted terms compared to May 2014, Germany’s exports grew 6.2 per cent in the European Union overall, with 5.1 per cent growth to countries using the euro currency and 8.2 per cent growth to those not. Exports outside the EU grew 2.3 per cent.

Imports were strongest from eurozone countries, with 5.5 per cent growth.