Germany registered its first export deficit in more than 30 years

Germany, German flag, Reichstag, Berlin, Bundestag
The German flag in front of the Reichstag building in Berlin, Germany / Photo: EPA-EFE/FELIPE TRUEBA

Germany recorded a trade deficit on a monthly basis for the first time since 1991, due to higher import prices. The German Federal Statistical Office announced today that in May the value of exports was 125,8 billion euros, while the value of imports was 126,7 billion euros. This means that the recorded trade deficit of Germany amounts to one billion euros.

Analysts attribute the increase in imports to inflation.

During May, exports from Germany to Russia increased by 30 percent compared to April, when due to Russia's attack on Ukraine and Western sanctions, it fell by 60 percent.

However, the volume of German exports to Russia in May remained at less than 50 percent compared to the same month last year.

Source: MIA

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