German exports grow more than expected despite the global economic slowdown

Germany’s exports grew slightly more than expected in August, the German Federal Statistics Office said on Wednesday, despite a slowing global economy, rising interest rates and a shortage of materials.

Strong demand from the United States and China boosted German exports to 133.1 billion euros ($132.59 billion) in August, up 1.6 percent from the previous month.

Imports also increased more than expected, rising 3.4 percent to 131.9 billion euros, continuing growth for the seventh consecutive month.

A Reuters poll expected exports and imports to increase by 1.1 percent every month.

Analysts welcomed the August figures, but cautioned that exports could become a drag on growth amid the bleak economic outlook.

The statistics office said Germany’s seasonally adjusted trade surplus fell short of expectations in August, at 1.2 billion euros, versus analysts’ expectations of 4 billion euros.