Foreign trade: exports pick up in August - growth in US business

Despite the slowdown in world trade, German exports rose in August.

Foreign trade: exports pick up in August - growth in US business

Despite the slowdown in world trade, German exports rose in August. Compared to the previous month of July, exports increased by 1.6 percent, as the Federal Statistical Office announced on Wednesday in Wiesbaden. Goods worth 133.1 billion euros were delivered, an increase of 18.1 percent compared to August 2021. Imports to Germany increased within a year by 33.3 percent to 131.9 billion euros.

Exports were mainly boosted by business with the USA. Companies exported 12.0 percent more goods to the world's largest economy than in July. The country is the most important single market for goods "Made in Germany".

From January up to and including August, German exports totaled 1024.9 billion euros. Despite the disruptions caused by the war in Ukraine, this is an increase of 14.3 percent compared to the same period last year.

However, high energy prices, problems in the supply chains and an overall weak global economic environment are weighing on the outlook. According to the Ifo Institute, export expectations for the German economy fell in September to their lowest level since May 2020.

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