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Germany records first monthly trade deficit since 1991 as inflation soars

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theguardian.com

Germany has recorded its first monthly trade deficit since 1991 amid soaring inflation and supply chain disruption weighing on the country’s industrial base.Figures from the country’s statistics agency showed a surge in the value of imports and modest decline in exports had pushed Europe’s largest economy into a trade deficit of €1bn (£860m) in May.The monthly deficit was the country’s first since the year after German reunification, according to Bloomberg.Exports fell in May by 0.5% on the previous month to €125.8bn, while imports increased 2.7% to €126.7bn, more than anticipated by City economists.

Compared with the same month a year earlier, exports were up by almost 12%, while the value of imports surged by almost 30%.German’s dominant manufacturing base has faced disruption from global supply chain problems caused by the pandemic and lockdowns in China.

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