May decline in German imports and exports ‘much more than expected’

German exports and imports dropped much more than expected in May, coming on the heels of other soft indicators that have signalled Europe’s largest economy is losing momentum.

Exports struggled last year and fell in three of the first five months of this year, weighing on overall growth and making the economy reliant on imports. They, however, slumped in May.

Figures published by the Federal Statistics Office yesterday showed seasonally- adjusted exports fell by 1.1% on the month, while imports dropped 3.4%, the steepest monthly fall since November 2012.