After averaging between 330 million and 340 million Reichsmarks per month in 1934 and 1935, Germany’s monthly export earnings rose above 400 million Reichsmarks in August 1936 and scaled 530 million Reichsmarks in the summer of 1937. This would not have been possible without Schacht’s much maligned system of export subsidies, which in early 1937 allowed every Reichsmark of German exports to be supported to the tune of approximately
