BERLIN (Reuters), – German imports and exports unexpectedly rose in December according to the statistics office. This was despite ongoing raw material shortages.

“The lack of supply was a problem. Thomas Gitzel from VP Bank said the bank’s chief economist, that while supplies were scarce, their export balance sheets looked remarkably healthy.

According to the economist, “The order books have been full so there are no shortages of commissions.” He added that after the supply problem has eased, export growth should be robust.

Gitzel stated that this will depend on the outcome of events in Ukraine in 2022. Germany’s export machinery cannot function without Russia’s oil, gas, and metals.

Exports adjusted for seasonality rose 0.9% in the last month to 117.0 Billion Euros ($133.58 Billions), against a 0.2% decline predicted by economists.

The average estimate for a decrease of 1.5% was 4.7%, but imports rose to 110.0 Billion Euros.

“The growth is the frosting on a good quarter of exports. According to Alexander Krueger, Hauck Aufhaeuser Lampe Privatbank, full order books in industrial companies can also be a great basis for export growth.

Data showed that German industrial orders rose more than anticipated in December due to stronger domestic demand.

($1 = 0.8759 euros)