The export industry looks pessimistically into the future
German exporting companies look uncertain about their future business. The automobile industry in particular expects fewer exports. Experts currently see only few signs indicating a general improvement.
The mood in the German export industry has slightly deteriorated. The export expectations of the Munich Ifo Institute fell to minus 1.7 points in July, compared to minus 1.3 points in June. "The export industry is currently lacking dynamism," said Ifo expert Klaus Wohlrabe. There are few signs of a substantial improvement.
Manufacturers of data processing devices and electronics products, as well as beverage producers, expect an increase in export business. The furniture industry also anticipates rising foreign sales, but to a lesser extent than in the previous month. The chemistry industry and rubber and plastic manufacturers expect constant export business. The automobile industry, according to Munich researchers, is experiencing a setback: Here, fewer exports are expected. The same applies to the metal production and processing industry.
The mood in the entire German economy worsened for the third month in a row in July, as shown in a survey of around 9000 management personnel published on Thursday by the Ifo Institute. According to Ifo President Clemens Fuest, the German economy is currently in crisis.
The metal industry, like the automobile sector, expects decreased exports, mirroring the uncertainty among German exporting companies. Clemens Fuest, the president of the Ifo Institute, has declared that the German economy is currently in crisis, highlighting the overall economic downturn. The chemical industry and rubber and plastic manufacturers, however, forecast stable export levels, offering a contrasting scenario. The electro industry, along with beverage producers and manufacturers of data processing devices, anticipate an increase in export business.
