German exports and imports rose unexpectedly in December, according to the statistical office, as order books remained full despite ongoing problems in the raw material market.
“The lack of commissions was a problem. In the meantime, the balance of exports looks remarkably good,” said Thomas Gitzel, chief economist at VP Bank.
“Order books are full, so there is no shortage of supplies,” the economist said, adding that export growth should recover sharply after supply problems ease.
At the same time, if this happens in 2022, it will also depend on how things turn out in Eastern Ukraine because Germany’s export machinery can only operate to a limited extent without oil, gas and metals from Russia, Gitzel said. .
Seasonally adjusted exports rose 0.9% on a monthly basis to 117 billion euros, compared to the 0.2% drop expected by economists.
Imports increased by 4.7% to 110 billion Euros, compared to the average estimates for a decrease of 1.5%.
“Growth is the icing on the cake for a good quarter. Full order books for industrial companies are also a good basis for further export growth,” said Hauck Aufhaeuser analyst Lampe Privatbank.
On Friday, data showed that industrial orders increased more than expected in December, thanks to the increase from strong domestic demand.
Source: Capital
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