BERLIN, Oct 5 – German exports rose in August despite a slowing global economy, higher interest rates and material shortages. Exports grew 1.6 percent from the previous month to €133.1 billion, mainly due to strong demand from the United States and China, the Federal Statistics Office announced on Wednesday. Economists polled by Reuters had expected a 1.1 percent increase after a 1.6 percent fall in August. Imports increased even more strongly: they grew by 3.4 percent to 131.9 billion euros and thus for the seventh month in a row.
The chief economist at Hauck Aufhäuser Lampe Privatbank AG, Alexander Krüger, commented on the development: “Given the difficult global situation and the high level of exports, the result is impressive.” “Increasing trends in the global recession will make life more difficult for the export sector.” Globally, still-disrupted supply chains, purchasing power weakened by inflation, and sometimes the exorbitant costs of upstream and energy services are hampering global trade.
Thus, the mood among German exporters has calmed significantly recently: export expectations in September fell to the lowest level since May 2020, as found by the Munich Ifo Institute in the company’s monthly survey. Ifo President Clemens Fest emphasized that “even in the medium term, it is difficult to expect greater momentum due to the slowdown in the global economy.” The outlook for exports is negative in most industrial sectors.
Most of the exports went back to the United States, the most important customer in the German export economy: 12.0 percent more “Made in Germany” goods were sold than in July, equal to 13.8 billion euros. Exports to the People’s Republic of China increased by 2.9 percent to 9.2 billion euros, while shipments to Great Britain increased by 7.4 percent to 6.2 billion euros. Business with Russia grew by about twelve percent from the previous month to 1.1 billion euros. Exports to European Union countries reversed the trend by 0.8% to €72.8 billion.
German exports increased more than expected – American business is booming
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