Ukraine War Hits Germany With First Trade Deficit in Over Three Decades
Germany posted a trade deficit for the first time in more than three decades in May, underlining the impact of the Ukraine war on Europe’s largest economy, whose reliance on exports and manufacturing have become a vulnerability.
Adjusted for seasonal variations, Germany’s goods exports fell by 0.5% from April, while its imports rose by 2.7%. As a result, the industrial powerhouse had a trade deficit of 1 billion euros, equivalent to around $1 billion. It posted a surplus of €3.1 billion in April this year and €13.4 billion in May 2021.
