Daily Times

Germany’s trade surplus narrowed for the fifth year in a row in 2021, official data showed on Wednesday, as a global supply crunch hampered exports, including in its key auto sector. The trade balance of the Europe’s biggest economy showed a surplus of 173.3 billion euros ($197.9 billion) last year, down from 180.4 billion euros in 2020, the federal statistics office Destatis said in a statement. A country runs up a trade surplus when it exports more than it imports. And while Germany’s exports of 1.375 trillion euros in 2021 exceeded imports of 1.2 trillion euros, imports grew faster, by 17 percent, than exports which rose by 14 percent, Destatis calculated. The United States reclaimed first place as Germany’s trading partner, dethroning China, which had taken the top spot in 2020. Germany’s economy relies heavily on its exports from industries ranging from the auto sector to chemical products to machines. But a global shortage of raw materials and key components has hampered production.