According to the latest data, Germany had a monthly trade deficit in May, the first trade deficit since 1991. In May, the total exports of Germany were 125.8 billion euros, a decrease of 0.5%month -on -month, and the total imports were 126.7 billion euros, an increase of 2.7%from the previous month. In the month, the German trade deficit was close to 1 billion euros.
Compared with May 2021, the import prices of energy, food and components in May this year rose by more than 30%, while the profit of exports increased by only 15%. Some reasons for rising import costs are inflation. Due to the lack of materials, many commodities cannot produce and export. This situation especially occurs in the automotive industry. The bottlenecks in the supply chain will affect imports and exports, but more affects Germany’s external exports. Many German economists have pointed out that even if energy prices are normal, war and epidemic are over, and Germany is unlikely to have a huge trade surplus in the past again. Germany may not be able to rely on its strong export trade, and Germany’s business model is undergoing structural drama.
Post time: Jul-12-2022