German companies’ export expectations deteriorated in October. In September, they had reached their highest level since 2018. The rising corona infection figures are cited as the reason for the poor mood.
The export expectations of German companies have worsened in October. The indicator for the manufacturing industry was 3.7 points lower than in the previous month at 6.6 points, as the Munich-based Ifo Institute announced in Munich on Tuesday. The reason for the increasing concerns is the rising number of corona infections. In September, a peak level since 2018 had been reached.
According to Ifo, declining exports are expected in both the food and beverage industry and the clothing sector. Here, concerns about a renewed widespread closure of European city centers to curb the infection figures are likely to be the main factor depressing sentiment. Manufacturers of electronic and optical devices are less worried. Here, just as in the chemical industry, rising foreign sales are expected. The indicator for the chemical industry has reached its highest level since December 2018.
Despite the clouding over, export expectations in the manufacturing sector remain well above the April low of minus 49.2 points.