Germany posts first trade deficit in 30 years ...News

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Germany posts first trade deficit in 30 years
source : Russia Today ( News ) () 15
The costs of imports soared while foreign sales dropped for the export-oriented economy Declining exports along with surging imports caused a €1 billion ($1.04 billion) trade imbalance in Germany in May, data revealed on Monday by the Federal Statistical Office (Destatis) shows. The first trade deficit in more than three decades came as German businesses faced soaring costs for imports and softer demand abroad for their goods amid gloomy economic prospects.   In May, cross-border sales saw a 0.5% decline, while imports rose 2.7%. Year-on-year, German exports and imports rose by 11.7% and 27.8% to €125.8 billion an

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