Latest News

German exports jump unexpectedly despite supply shortages

© Reuters. FILE PHOTO: Export cars are loaded on a RoRo ship of Italian Grimaldi Group at a terminal in the port of Hamburg, Germany August 1, 2018. REUTERS/Fabian Bimmer

BERLIN (Reuters) – German exports and imports rose unexpectedly in December, the statistics office said on Wednesday, as order books have remained full despite continued raw material bottlenecks.

“The shortage of supplies was a burden. Meanwhile, the export balance sheet looks surprisingly good,” Thomas Gitzel, chief economist at VP Bank, said.

“The order books are full, so there is no shortage of commissions,” the economist said, adding export growth should pick up sharply after the easing of supply problems.

At the same time, whether this happens in 2022 will also depend on how things develop in eastern Ukraine because Germany’s export machinery can only function to a limited extent without oil, gas and metals from Russia, Gitzel said.

Seasonally adjusted exports rose 0.9% on the month to 117.0 billion euros ($133.58 billion), compared with a decline of 0.2% predicted by economists.

Imports jumped 4.7% to 110.0 billion euros, compared with an average forecast for a 1.5% decrease.

“The increase is the icing on the cake of a good export quarter. Full order books at industrial companies are also a good basis for further export growth,” Alexander Krueger at Hauck Aufhaeuser Lampe Privatbank said.

On Friday, data showed German industrial orders grew more than expected in December thanks to a boost from stronger domestic demand.

($1 = 0.8759 euros)

German exports jump unexpectedly despite supply shortages

Disclaimer:Fusion Mediawould like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

What's your reaction?

In Love
Not Sure

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:Latest News