Sentiment among German exporters at its lowest since May 2020
2022.09.27 03:23
© Reuters. FILE PHOTO: The city’s financial district high-rise buildings disappear in clouds as the spread of the coronavirus disease (COVID-19) continues during an extended lockdown and a demand by the German government for more home office possibilities in Frankfu
BERLIN (Reuters) – Sentiment among German exporters fell in September to its lowest since the early stages of the COVID-19 pandemic as the slowing global economy dampens any expectations of growth in the medium term, the Ifo economic institute said on Tuesday.
Export expectations dropped to -6.0 in September from -2.8 in August, the lowest since May 2020, it said.
“Export expectations are negative in most manufacturing industries,” said Ifo President Clemens Fuest, although beverage producers are tending towards optimism again, and the automotive industry expects a fourth-quarter rise in exports.
Exports from Europe’s largest economy decreased 2.1% in July from the previous month, hit by sinking demand from Germany’s two most important trade customers, China and the United States.
