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August 16
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Germany recorded its first monthly trade deficit since 1991 in May as a result of higher import prices, Reuters reported.

The Federal Statistical Office said last month exports reached 125.8 billion euros and imports reached 126.7 billion euros.

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

Analysts attribute the growth in imports to inflation.

Germany also saw a nearly 30% rebound in exports to Russia in May compared to the previous month, after falling 60% in April due to the war in Ukraine and related sanctions. The volume of exports to Russia last month was half that of May 2021.

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