Sun, 14 Aug 2022

Germany records 1st export deficit in over 30 years

Robert Besser
07 Jul 2022, 13:25 GMT+10

BERLIN, Germany: Higher import figures saw Germany recording its first monthly trade deficit in May since 1991.

Exports amounted to 125.8 billion euros ($131.5 billion) last month, while imports were 126.7 billion euros, the Federal Statistical Office said.

The seasonally adjusted figures prompted a foreign trade deficit of almost 1 billion euros, a blow to Europe's largest economy, which prides itself on its strong export industries.

Analysts attributed the rise in imports to inflation.

However, Germany also saw exports to Russia recover by almost 30 percent in May compared to April, while the volume of exports to Russia last month remained less than half of what they were in May 2021.

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