Falling exports in May add to German woes

German exports dipped in May after a small rebound in April, official data showed Tuesday, adding to a gloomier outlook for Europe's biggest economy.
Germany shipped goods worth 130.5 billion euros ($142 billion) in May, according to data published by federal statistics agency Destatis, down 0.1 per cent compared with April.
Imports rose by 1.7 per cent to 116.1 billion euros in May, narrowing the trade surplus to 14.4 billion euros.
"Trade is no longer the strong resilient growth driver of the German economy it used to be," said ING bank economist Carsten Brzeski.
"Sluggish exports are no longer an exception but rather the new normal."
The weaker demand for "made in Germany" goods was led by a 3.6-per cent fall in exports to the United States, Germany's biggest export destination.
Shipments to European Union countries dropped by 1.5 per cent, but those to China ticked up by 1.6 per cent.
Most imports to Germany once again came from China, and were up 2.7 per cent on the month before.
The German economy has been hit by a series of weak data in recent weeks, dampening hopes of a swift recovery after the energy crisis and high inflation tipped the country into a recession at the turn of the year.
Leading economic institutes expect the German economy to shrink by 0.2 to 0.4 per cent in 2023.
"The ongoing weakening of export order books, the expected slowdown of the US economy, high inflation and high uncertainty will leave clear marks on German exports," said Brzeski.
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