Frankfurt July 4 2022: Germany reported its first monthly trade deficit in three decades after exports unexpectedly fell in May.
The shortfall of 1 billion euros ($1 billion) was the first since 1991. Cross-border sales declined 0.5%, compared with an economist forecast of an increase of 0.7%. At the same time imports rose 2.7%, much more than anticipated.
Russia’s invasion of Ukraine and China’s Covid-related lockdowns are wrecking havoc with international supply chains, with substantial fallout for Germany’s export-oriented economy.
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