World News | Germany Records 1st Export Deficit in over 30 Years
Get latest articles and stories on World at LatestLY. Germany recorded its first monthly trade deficit since 1991 in May as a result of higher import prices, figures released Monday show.
Berlin, Jul 4 (AP) Germany recorded its first monthly trade deficit since 1991 in May as a result of higher import prices, figures released Monday show.
The Federal Statistical Office said exports reached 125.8 billion euros ($131.5 billion) last month, while imports came in at 126.7 billion euros.
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The seasonally adjusted figures resulted in a foreign trade deficit of almost 1 billion euros — a psychological blow to Europe's biggest economy, which prides itself on its strong export industries.
Analysts attributed the rise in imports to inflation.
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Germany also saw exports to Russia recover by almost 30% in May compared to the previous month, following a 60% drop in April due to the war in Ukraine and related sanctions. The volume of exports to Russia last month remained less than half of what they were in May 2021. (AP)
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)