ifo Export Expectations in Free Fall (April 2020)
Sentiment among German exporters is in free fall. In April, the ifo Export Expectations for manufacturing plunged from minus 19.0 points to minus 50.0 points. This is the lowest value ever measured, and the severity of the decline is also unprecedented. The coronavirus pandemic is leaving deep scars on export markets.
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Expectations fell to new lows in numerous sectors. Many key German industries are particularly affected, such as automotive manufacturing, mechanical engineering, and electrical engineering. The decline of export expectations in the chemical industry was comparatively moderate in the previous month, but these companies now expect significant declines in export sales. The only bright spot this month was the pharmaceutical industry, which is expecting stable export business.
Clemens Fuest
President of the ifo Institute
ifo Export Expectations for Manufacturing
(Balances, seasonally adjusted)
04/19 | 05/19 | 06/19 | 07/19 | 08/19 | 09/19 | 10/19 | 11/19 | 12/19 | 01/20 | 02/20 | 03/20 | 04/20 | |
Expectations |
Source: ifo Business Survey.
© ifo Institute