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German May exports fall sharply as US tariff frontloading ends

German exports fell more than expected in May with US demand down again as the rush to beat President Donald Trump’s tariffs dissipated.

Rhine river, Germany

Source: Sharecast

Exports fell by 1.4% month on month, the federal statistics office said. Economists had expected a 0.2% decline. Imports were down 3.8%.

Exports to the US decreased by 7.7% compared with April, and 13.8% year on year. Exports to China fell by 2.9%.

US President Donald Trump on Monday extended a July 9 deadline for the European Union and other trading partners to reach trade deals to August 1.

ING macroeconomics head Carsten Brzeski the second consecutive decline had completely eliminated the surge seen in February and March which was "almost exclusively" driven by US frontloading.

"Looking ahead, German exports are still facing rough headwinds. While the EU did not receive a new tariff letter from the White House yesterday, the risk of (more) tariffs hangs like a sword of Damocles over German and European exporters," he said.

"And there is more: the strengthening of the euro, not only vis-à-vis the US dollar but also in nominal effective terms, is adding to exporters’ concerns."

Reporting by Frank Prenesti for Sharecast.com

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