Germany's trade surplus hits new record as rise in exports outpaces import increase

Economic Indicators Associated Press

Germany's trade surplus widened to a new record in May as exports from Europe's largest economy increased strongly, outpacing a rise in imports.

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The Federal Statistical Office said Thursday that exports rose 1.7 percent in May over April to 102.1 billion euros ($112.56 billion), when adjusted for calendar and seasonal factors. Imports rose 0.4 percent to 79.3 billion euros, for a surplus of 22.8 billion euros.

The previous record of 22.3 billion euros was set last month.

In unadjusted terms compared to May 2014, Germany's exports grew 6.2 percent in the European Union overall, with 5.1 percent growth to countries using the euro currency and 8.2 percent growth to those not. Exports outside the EU grew 2.3 percent.

Imports were strongest from eurozone countries, with 5.5 percent growth.