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Germany with trade deficit in May due to rising import costs

According to the German Federal Statistical Office (Destatis), Germany recorded a trade deficit in May due to a decline in the value of exports and an increase in imports amid rising energy costs.

Germany recorded a trade deficit of EUR 1 billion ($1.04 billion) in May, following a record trade surplus of EUR 3.1 billion in April.

A Wall Street Journal survey of economists forecasts a trade surplus of EUR 3 billion for Germany in May.

German exports fell 0.5% month-on-month in May to EUR 125.8 billion, while imports rose 2.7% to EUR 126.7 billion.

Destatis further reported that German exports to Russia increased by 29.4% to 1 billion euros in May compared to the previous month, while they decreased by 54.6% compared to the same month of the previous year. Imports from Russia decreased by 9.8% compared to the previous month.

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