German exports increased in August despite the cooling global economy, rising interest rates and material shortages.
Exports grew by 1.6 percent on the previous month to 133.1 billion euros, mainly due to stronger demand from the United States and China, as the Federal Statistical Office announced on Wednesday.
Economists polled by the Reuters news agency had only expected an increase of 1.1 percent after a 1.6 percent decline in August.
Imports increased more strongly: They grew by 3.4 percent to 131.9 billion euros and thus for the seventh month in a row.
"In view of the difficult global situation and the high level of exports, the result is remarkable," commented the chief economist at Hauck Aufhäuser Lampe Privatbank, Alexander Krüger, on the development.
"Increasing global recessionary tendencies will make life more difficult for the export sector." Globally, the still disrupted supply chains, purchasing power weakened by inflation and sometimes immensely high costs for upstream services and energy are hindering world trade.
The mood among German exporters has therefore recently cooled noticeably: export expectations fell in September to their lowest level since May 2020, as the Munich Ifo Institute found out in its monthly company survey.
"Even in the medium term, no greater momentum is to be expected due to the cooling global economy," said Ifo President Clemens Fuest.
Export expectations are negative in most industrial sectors.
Most exports again went to the United States, the most important customer of the German export economy: 12.0 percent more goods "Made in Germany" were sold there than in July, which corresponds to a value of 13.8 billion euros.
Exports to the People's Republic of China increased by 2.9 percent to 9.2 billion euros, while deliveries to Great Britain increased by 7.4 percent to 6.2 billion euros.
Business with Russia grew by almost twelve percent on the previous month to 1.1 billion euros.
Exports to the EU countries fell against the trend by 0.8 percent to 72.8 billion euros.