German exports shrink in May - Number of shipments to the US falls, concerns about tariffs grow
German exports fell in May, as shipments to the United States shrank sharply amid concerns about high tariffs. Germany is negotiating with the United States to avoid duties, particularly in the auto, steel and aluminum sectors.
German exports fell more than expected in May, shrinking by 1.4% month-on-month. Annual growth came in at 0.4% in May, the federal statistics office confirmed.
Meanwhile, imports fell by 3.8% compared to April, while rising by 4.2% year-on-year. This brought Germany's trade balance to 18.4 billion euros, up from 15.7 billion euros in April.
The data shows a sharp decline in shipments to the US, after a monthly expansion of exports of 1.8% in February and 1.3% in March. Despite this decline, the United States remains the most important destination for German products.
Negotiating as part of the EU, Germany is seeking to avoid a 50% tariff on goods shipped to the US by negotiating a trade framework with the Trump administration before an August 1 deadline.
Earlier this year, when President Donald Trump announced so-called "reciprocal" tariffs, the EU was initially given a 20% tariff rate. The White House later suspended the measures, allowing more time for negotiations.
The bloc is also facing a 25% tax on automobiles and car parts shipped to the US, as well as 50% on steel and aluminum exports.
German auto exports to the U.S. fell 13% in April and 25% in May, compared with the same period a year earlier, according to industry data.
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