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      German Exports Beat Expectations Despite Cooling Global Economy

      German Exports Beat Expectations Despite Cooling Global Economy

      20 Dec, 2022 12:54

      Despite a slowing global economy, rising interest rates, and material shortages, German exports increased marginally more than anticipated in August, according to the statistics office.

      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 predicted a 1.1% increase in exports and imports month over month.

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

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