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7/4, 8:00 AM (Source: TeleTrader)
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Germany reports first trade deficit in three decades

Germany's calendar and seasonally adjusted foreign trade deficit stood at €1 billion in May, declining from April's revised figure of a €3.1 billion surplus, according to data released by Destatis on Monday. This was the first time since 1991 that the country reported a monthly deficit.

Exports amounted to €125.8 billion, falling 0.5% month on month but climbing 11.7% compared to May 2021. Exports to the European Union amounted to €67.5 billion, while exports to third countries stood at €58.3 billion.

Imports increased 2.7% on a monthly basis and jumped 27.8% year on year to reach €126.7 billion, out of which €61.8 billion worth of goods came from the EU. Imports from third countries stood at €65 billion.

Meanwhile, the non-seasonally adjusted foreign trade surplus was €0.5 billion in May 2022.

Baha Breaking News (BBN) / AY