German exports climb 9% to 80.3 billion euros ($91 billion) in May 2020, a month after suffering their biggest plunge since records began.
Exports climbed 9% to 80.3 billion euros compared with April, when they, according to federal statistics office Destatis.
Imports grew at a slower clip of 3.5% month-on-month, widening Germany's trade surplus to 7.6 billion euros in seasonally adjusted terms.met with weaker than expected demand as they reopened after weeks of lockdown."German exports staged a first comeback, but still have a long way to go before returning to pre-crisis levels," said ING bank analyst Carsten Brzeski.
Exports to China, which is further along in battling the pandemic, were down only 12.3% compared with May 2019. But those to the hard-hit United States slumped by 36.5% and exports to Britain tumbled by nearly 47%. Brzeski said Germany would have to rely heavily on domestic demand to power its coronavirus recovery, with the help of the government's"If it succeeds, COVID-19 could have been an important driver in finally getting a more balanced growth model of the German economy," he said.
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