ifo Export Expectations on a Downward Trend (July 2019)
The mood among exporters continues to deteriorate: ifo Export Expectations in manufacturing fell to -2.7 balance points in July, down from -0.2 balance points in June. The good times enjoyed by the German export industry are over for now. At the moment, there are few signs that export growth will return.
Car manufacturers continue to have major concerns, and exports are again expected to shrink. The same applies to companies in metal production and processing. In the key sectors of mechanical and electrical engineering, export momentum has come to a standstill, with no growth expected at present. However, this month there was a glimmer of hope in the textile and clothing industry, where export expectations brightened noticeably following the recent difficult export situation. Manufacturers of pharmaceutical products are the most optimistic about exports.
Clemens Fuest, President of the ifo Institute
