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.
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