Germany: ifo Export Expectations Much Worse (November 2020)
Sentiment among German exporters has deteriorated markedly. The ifo Export Expectations for manufacturing fell from plus 7.0 points to minus 2.1 points in November. One factor in particular that is dragging down the export business is how intense the second wave of coronavirus sweeping across many European countries is.
In the automotive sector, the mood concerning future international business is particularly bleak, and the optimism of the past few months has evaporated. The food industry is expecting significant declines in exports. Machinery and equipment manufacturers, on the other hand, are assuming that export sales will remain constant, as is the metal industry, whereas the chemical industry and the electrical and electronics industry expect further growth.
Clemens Fuest
President of the ifo Institute
