The slowing global recovery and demand is staring to hit the German market, especially when combined with a strong euro.
German exports in April slumped more than expected by 5.5% from a revised rise of 7.2% from 7.3% and was deeper than the expected drop of 3.0%. Imports also slumped 2.5% from a revised 3.1% and more than the expected 0.3% drop.
Accordingly, the trade surplus on the month fell to 10.9 billion from a revised 18.8 billion and more than expected drop than the expected 14.9 billion. The current account surplus also narrowed to 8.8 billion from 19.6 billion and expected 11.0 billion euros.