New figures show that Germany recorded its first monthly trade deficit since 1991 in May, mainly because of higher import prices.
The Federal Statistical Office said exports were valued at 125.8 billion euros last month, while imports came in at 126.7 billion euros. This resulted in a foreign trade deficit of almost 1 billion euros. This is a shock to Europe’s biggest economy, which prides itself on its strong export industries. Analysts said the rise in imports was due to inflation.