ifo Export Expectations Fall (June 2023)
Sentiment in the German export industry has deteriorated noticeably. The ifo Export Expectations fell to minus 5.6 points in June, down from plus 1.0 points in May. This is the lowest level since November 2022. “In addition to weak demand on the German domestic market, we’re now also seeing fewer orders from abroad,” says Klaus Wohlrabe, Head of Surveys at ifo. “This is bad news for Germany’s export economy.”
The majority of industries expect exports to decline over the next three months. Only clothing manufacturers and the beverage industry predict significant growth. Meanwhile, the food industry took a major hit: following months of growth, companies now expect a drop in international sales. The outlook for the metal industry is also considerably worse. The same applies to the furniture industry, which is suffering in part from the weak construction sector.
Clemens Fuest
President of the ifo Institute
Data
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