Confidence among German exporters deteriorated further in September to reach its lowest level in more than two years and the trend is likely to continued amid a slowdown in the global economy, survey results from the ifo Institute showed on Tuesday.
The ifo Export Expectations index slipped to -6.0 points from -2.8 points in August. This was the lowest score since May 2020. The index fell for the fourth month in a row.
“There is currently no sign of growth in exports and, as the global economy is slowing, there is also no reason to expect any major change in the medium term,” ifo Institute President Clemens Fuest said.
Export expectations fell across all manufacturing industries. The chemical and furniture manufacturers indicated the most negative expectations.
For the next three months, the metal industry has become considerably more pessimistic about exports.
Meanwhile, beverage and automotive manufacturers expect a rise in exports in the coming months.
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