German trade surplus shows sharp drop in May: Destatis

0 Comments | AFP, July, 2008

FRANKFURT (AFP) — Germany's trade surplus fell in May by much more than expected to 14.4 billion euros (22.6 billion dollars), provisional data released on Wednesday by the national statistics service Destatis showed.

The figures were more evidence that Europe's biggest economy has hit the brakes, and several analysts now feel it will have contracted in the second quarter of the year.

Germany, also the world's leading exporter, had posted a trade surplus of 18.8 billion euros in April, Destatis said, revising its previous estimate slightly higher.

Economists polled by Dow Jones Newswires had expected a drop in May to 17.6 billion euros last month.

Exports declined to 80.8 billion euros in May from 89.7 billion a month earlier, with the vast majority...