That led to a spike in the value of imports from Russia and other energy suppliers, while German exports to Russia plummeted due to Western sanctions.
In the first five months of the year, German imports from Russia rose 54.5 percent year-on-year, while exports fell 29.8 percent.
Germany’s deficit with China has also increased by 2022. In May, imports from the world’s second-largest economy rose 35 percent from January, while exports to China were little changed.
In contrast, Germany’s surplus with the U.S. has increased, with exports rising by more than a fifth in the first five months of the year.
Many German exporters have stepped up their focus on the U.S. market after China’s economic outlook declined.
However, Germany’s upcoming export outlook appears to be weakening as the global economy slows and fears of recessions in the US and Europe rise.
A survey of German manufacturers said export orders in June fell for the fourth month in a row.
