Germany records 1st export deficit in over 30 years

BERLIN (AP) — New figures show that Germany recorded its first monthly trade deficit since 1991 in May because of higher import prices. The Federal Statistical Office said exports reached 125.8 billion euros 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. That’s a psychological blow to Europe’s biggest economy, which prides itself on its strong export industries. Analysts attributed the rise in imports to inflation.