Economic Buzz: Germanys Trade Deficit Due To Fall In Exports

4 Jul 2022 , 02:49 PM

Germanys trade balance registered a deficit in May on an unexpected fall in exports, data from Destatis showed. Exports dropped 0.5 percent on a monthly basis in May, reversing Aprils 4.4 increase. At the same time, imports advanced 2.7 percent, exceeding the expected rate of 0.9 percent but slower than the 3.5 percent increase posted in April. As a result, the trade balance showed a deficit of EUR 1 billion in contrast to a EUR 3.1 billion surplus seen in April. On a yearly basis, exports growth accelerated to 19.0 percent from 9.3 percent and the increase in imports rose to 33.6 percent from 25.8 percent.Powered by Commodity Insights