The German economy has recorded its first monthly trade deficit since 1991.
In May 2022, Germany imported more goods than it exported for the first time in more than 30 years. The leading economy of the EU posted a trade deficit of about €1 billion. Germany’s exports decreased in May by 0.5% to €125.8 billion, while imports increased by 2.7% to €126.7 billion. Year-over-year, exports rose by 11.7%, and imports climbed by 27.8%.
In addition, Germany’s exports to Russia increased by 29.4% to €1 billion, recovering slightly after a massive downturn in March 2022. Year-over-year, exports slumped by almost 55%, while imports fell by 10% to €3.3 billion.
