BERLIN, March 29 (Xinhua) — Export expectations in the German manufacturing sector rose considerably as the corresponding index went up from 11.9 points in February to 24.9 points in March, the ifo Institute announced on Monday.
A “feeling of great optimism is emerging among German exporters” as the export expectations index reached its highest level since January 2011, according to the ifo Institute which surveys some 2,300 companies each month on their export expectations.
“The export industry is benefiting from strong economic activity in Asia and the United States,” said Clemens Fuest, president of the ifo Institute in a press release, adding, “Momentum is slowly picking up again in the euro area, too.”
According to the Federal Statistical Office (Destatis), Germany’s biggest export markets, the United States and China, developed differently in 2020. Exports to China picked up strongly in the second half of the year and recovered faster.
While German exports to the United States were down to 103.8 billion euros (122.4 billion U.S. dollars) in 2020, a drop of 12.5 percent year-on-year, exports to China almost remained at the previous year’s level and only declined by 0.1 percent to 95.9 billion euros last year, according to Destatis.
Meanwhile, export expectations for the next three months increased in almost all sectors of Germany’s manufacturing industry, the ifo Institute noted.
Germany’s electronics industry was “hopeful of a significant increase in orders from abroad.” The country’s important automotive sector also remained optimistic while the indicator for manufacturers of machinery and equipment even rose to its highest level since November 2017. (1 euro = 1.18 U.S. dollars) Enditem