German Export Expectations Fall (January 2024)

Sentiment in the German export industry has clouded over. The ifo Export Expectations fell to -8.4 points in January, down from -7.1 points in December. “The German export economy is off to a worse start in the new year,” says Klaus Wohlrabe, Head of Surveys at ifo. “Exporters need fresh momentum.”

Most industries still expect exports to decline. This includes the core manufacturing industries in particular, such as automakers, manufacturers of machinery and equipment, and manufacturers of electrical goods. The metal industry and manufacturers of plastic and rubber goods are also reporting a decline in orders from abroad. In contrast, the food industry and beverage manufacturers are expecting their exports to grow. Furniture manufacturers are also expecting higher export sales.