Frankfurt (AP) – Germany’s trade surplus fell in 2021 for the fifth year in a row, official data showed Wednesday, as global supply chains disrupted exports including its key automotive sector.
The trade balance of Europe’s largest economy showed a surplus of 173.3 billion euros (. 197.9 billion) last year compared with 180.4 billion euros in 2020, according to a statement from the Federal Statistical Office Destatis.
A country records a trade surplus when its exports exceed what it imports.
While German exports in 2021 of 1,375 trillion euros outpaced imports of 1.2 trillion euros, imports grew at a faster pace of 17 percent, compared with exports that rose 14 percent, according to Destatis data.
The United States regained the top spot among Germany’s trading partners, beating China, which finished first in 2020.
The German economy is heavily dependent on its exports of products ranging from the automotive sector to chemical goods through to machinery.
But a global shortage of raw materials and essential components has disrupted production processes.
