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.


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