Germany posts trade deficit for first time since 1991

A report by the German Federal Statistical Office (Destatis) showed that in May last year, the country recorded a one billion euro foreign trade deficit for the first time since 1991.

The result was contrary to the expectations of analysts polled by the DailyFx agency, as they expected a surplus of 2.7 billion euros, but the deficit was recorded for the first time since 1991, according to Bloomberg.

Exports decreased by 0.5% in May last year compared to April last year after increasing by 4.4% in the previous month (March 2022), while experts had expected a growth of 0.9%.

At the same time, imports grew in the same month (May 2022) by 2.7% m/m after rising by 3.5% in April 2022, while analysts had expected growth by 0.9%.

Source: RIA Novosti

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