Germany: ifo Export Expectations continue to Decline
The business confidence of German exporters is becoming gloomier. The ifo Export Expectations in manufacturing fell to 1.1 balance points in April, down from 1.5 balance points in March. At the moment, the difficult global economic environment is not giving any impetus to German exports.
Automotive manufacturers’ export expectations recovered somewhat in April after their plunge in March. However, companies still do not expect any growth in foreign business. General weakness in foreign demand has now also reached the chemical industry: after almost three years of continuous export growth, companies are expecting a slight decline for the first time. This month’s bright spots were the food manufacturers and companies in the furniture industry, which continue to see very good export opportunities.
Clemens Fuest, President of the ifo Institute
