Germany’s Export Expectations Improve Slightly (October 2023)

Sentiment in the German export industry has brightened a little. The ifo Export Expectations rose to -6.9 points in October, up from -10.8 points in September. “However, Germany’s export economy is still being rather cautious looking ahead,” says Klaus Wohlrabe, Head of Surveys at ifo. “Many companies are experiencing a drop in competitiveness in international markets.”

Only a handful of industries currently expect their exports to rise: manufacturers of leather goods, the food industry, and to a small extent the chemical industry. Most other industries are predicting a drop in international business. Among automakers, positive and negative responses are roughly in balance. Several manufacturers of machinery and equipment and of electrical goods are concerned about a lack of international orders. Printing companies remain the most pessimistic.