BERLIN (AP) — Germany recorded its first monthly trade deficit since 1991 in May as a result of higher import prices, figures released Monday show.
The Federal Statistical Office said exports reached 125.8 billion euros ($131.5 billion) last month, while imports came in at 126.7 billion euros.
The seasonally adjusted figures resulted in a foreign trade deficit of almost 1 billion euros — a psychological blow to Europe's biggest economy, which prides itself on its strong export industries.
Analysts attributed the rise in imports to inflation.
Germany also saw exports to Russia recover by almost 30% in May compared to the previous month, following a 60% drop in April due to the war in Ukraine and related sanctions. The volume of exports to Russia last month remained less than half of what they were in May 2021.
Before you consider RLI, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and RLI wasn't on the list.
While RLI currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Wondering what the next stocks will be that hit it big, with solid fundamentals? Enter your email address to see which stocks MarketBeat analysts could become the next blockbuster growth stocks.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
