Germany posts trade deficit for first time since 1991

For the first time since 1991, Germany recorded a foreign trade deficit – in May of this year it amounted to 1 billion euros, follows from a report by the country’s Federal Statistical Office (Destatis).

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Analysts polled by the DailyFx agency, on the contrary, expected a surplus of 2.7 billion euros. According to Bloomberg, the deficit was recorded in Germany for the first time since 1991.

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Exports in May fell by 0.5% versus April after rising by 4.4% a month earlier, experts predicted an increase of 0.9%. Imports at the same time grew by 2.7% in monthly terms after rising by 3.5% in April, analysts had expected growth by 0.9%. In annual terms, German exports and imports in May increased by 11.7% and 27.8%, respectively.