German exports beat expectations despite cooling global economy

  • 06-Oct-2022
  • German exports beat expectations despite cooling global economy

BERLIN, Oct 5 (Reuters) - Despite a slowing global economy, rising interest rates, and material shortages, German exports increased somewhat more than anticipated in August, the statistics office reported on Wednesday.

Exports increased 1.6% from the previous month to 133.1 billion euros ($132.59 billion) in August thanks to increased demand from the US and China.

The seventh consecutive month of growth saw imports increase more than anticipated, rising 3.4% to 131.9 billion euros.

A Reuters poll had anticipated a 1.1% increase in Exports Imports month over month.

Analysts praised August's figures but expressed concern that exports would slow growth in the face of a bleak economic outlook.

According to Thomas Gitzel, head economist at VP Bank, decreasing domestic output due to high energy costs brought on by the conflict in Ukraine will have a detrimental impact on exports.

The German economy, he noted, "is particularly sensitive to global economic difficulties" because of its robust export industry.

"However, unfortunately, it is not a 'good' disappearing of the trade surplus, driven by stronger domestic demand, but rather a 'bad' disappearing, driven by high energy prices and structurally weaker exports," he added.

Seair is proud to have a loyal customer base from big brands.

We have successfully served many reputable clients for Import-Export Data Information Services. Here are some of our clients:

Get a free Import-Export data demonstrative report on desired products.

We don’t offer any assistance over buying or selling any products.

Thank You

Big thanks to showing your interest in SEAIR Exim Solutions. We’ve currently received your request for data information. We will return on the same query in a short span of time.

Copyright © 2009 - 2024 All Rights Reserved.