Germany saw its first trade deficit in three decades in May while its exports to Russia took an unexpected upward spike, despite sanctions against the government of Vladimir Putin.
What Happened: The German Federal Statistical Office reported the exports to Russia were up 29.4% from April to May. This reverses the trend that occurred when Germany sanctioned Russia for its invasion of Ukraine. In March, exports bound for Russia were down by 60% from February, when Russia’s war in Ukraine began, and dropped another 9% in April.
