Germany’s Export Expectations Dip Slightly (August 2023)

Sentiment in the German export industry has deteriorated slightly. The ifo Export Expectations fell to minus 6.3 points in August, down from minus 6.0 points in July. “German exporters continue to struggle with weak global demand,” says Klaus Wohlrabe, Head of Surveys at ifo. “More and more companies are also complaining about being less able to compete at the global level.”

In the chemical industry, however, sentiment has turned around and businesses now expect a rise in exports. Companies in the food industry as well as beverage manufacturers are also expecting their international sales to improve. In vehicle manufacturing, positive and negative responses are roughly in balance. By contrast, the outlook for manufacturers of machinery and equipment has worsened further. The metal industry, too, is expecting exports to decline.