Germany’s Export Expectations Improve Slightly (November 2023)

Sentiment in the German export industry has improved. The ifo Export Expectations rose to minus 3.8 points in November, up from minus 6.3 points in October. “However, the export economy still isn’t managing to develop any momentum,” says Klaus Wohlrabe, Head of Surveys at ifo. “German companies have yet to benefit much from the economic upswing in many countries.”

Exports are still only expected to grow in a few industries. At least companies in the food industry are optimistic about the months ahead. Clothing manufacturers are also expected to increase their exports. In the automotive industry, positive and negative responses are still roughly in balance. Manufacturers of machinery and equipment and of electrical goods currently see little to cheer them abroad; companies are expecting a decline in international orders. Printing companies remain the most pessimistic.