German Export Expectations Fall (December 2023)
Sentiment in the German export industry has deteriorated. The ifo Export Expectations fell to -6.7 points in December, down from -4.1 points in November. “Seasonal cheer is lacking in the export business,” says Klaus Wohlrabe, Head of Surveys at ifo. “Companies see few encouraging prospects for the start of the year.”
The majority of industries expect exports to decline in the months ahead. These include automakers, who had recently been assuming that exports would remain constant. Manufacturers of machinery and equipment are also expecting fewer orders from abroad. Energy-intensive industries such as the chemical and metal industries are having a particularly tough time at the moment. The food industry and beverage manufacturers are expecting growth in exports. Manufacturers of leather products are also expecting higher export sales.
