German exports soared past pre-pandemic levels in June for the first time since the coronavirus crisis wreaked havoc on trade, official data showed on Monday, as the industry shrugged off supply chain shortages. The pandemic has severely disrupted global supply chains, leading to shortage in raw materials or components including timber, plastics and steel. Germany’s crucial car industry has also been hit by a global computer chip crunch caused by a surge in demand for home electronics as employees are asked to work from home to cut infection risks. But Europe’s biggest economy exported €118.7 billion of goods in June, 1.1 per cent more than in February 2020 – before the health emergency snared Germany. The indicator rose for the 14th month in a row, and was 1.3 per cent higher compared to May, after seasonal variations and calendar effects were taken into account. “Today’s strong data illustrates that supply chain frictions have not yet affected German exports,” said analyst Carsten Brzeski of ING. But he warned that this could change in coming months. “While order books are still richly filled, supply chain frictions, particularly the lack of microchips, could lead to more...
