ifo Export Expectations Fall (September 2022)
Sentiment among German exporters has cooled. The ifo Export Expectations fell to minus 6.0 points in September, down from minus 2.8 points in August. This is its lowest level since May 2020. There is currently no sign of growth in exports and, as the global economy is slowing, there is also no reason to expect any major change in the medium term.
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Export expectations are negative in most manufacturing industries. The chemical industry is bracing itself for a significant decline, and furniture manufacturers are in a similar position. The metal industry has become considerably more pessimistic about export business for the next three months. Following a brief lull in August, the outlook for beverage producers is once again tending toward optimism. The automotive industry also expects its exports to rise in the fourth quarter.
Clemens Fuest
President of the ifo Institute
ifo Export Expectations for Manufacturing
(Balances, seasonally adjusted)
09/21 | 10/21 | 11/21 | 12/21 | 01/22 | 02/22 | 03/22 | 04/22 | 05/22 | 06/22 | 07/22 | 08/22 | 09/22 | |
Expectations |
Source: ifo Business Survey.
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