Germany posts $1.04B foreign trade deficit in May

ISTANBUL

Germany posted a foreign trade deficit of €1 billion ($1.04 billion) in May, according to official figures released on Monday.

According to the Federal Statistical Office (Destatis), the country's exports and imports rose 11.7% and 27.8% to €125.8 billion and €126.7 billion, respectively, year-on-year in May.

On a monthly basis, Germany's exports saw a 0.5% decline, while imports rose 2.7% in May.

Destatis also said the country's exports to Russia increased 29.4% to €1 billion in May versus April, and dropped 54.6% versus May 2021.

Germany's imports from Russia declined 9.8% month-on-month in May.