Germany's exports and imports surge in May

Germany's exports rose 19% year-on-year in May, while imports continued to climb 33.6% year-on-year, mainly driven by higher energy import prices. Affected by the continued rise in imports, Germany's trade surplus has been greatly reduced to only 500 million euros, the lowest level in nearly 30 years. During the period, Germany's exports to Russia fell to only 1.1 billion euros, and its export status dropped significantly from 14th last year to 25th. Germany's trade advantage continues to weaken, adding to market concerns about the economic outlook of Germany, the euro zone's largest economy.