Export expectations of German manufacturers continue to rise: ifo

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BERLIN, July 28 (Xinhua) — The ifo export expectations for German manufacturers rose from minus 2.2 points to plus 6.9 points in July as “cautious optimism is spreading,” the ifo Institute announced on Tuesday.

“German exports are benefiting from the economic recovery in many countries,” said Clemens Fuest, president of the Munich-based ifo Institute.

For the first time since January, ifo export expectations for manufacturing returned to “positive territory,” according to the German research institution. In April, the ifo export index plummeted to minus 50.3 points and hit the lowest value ever measured as a result of the COVID-19 crisis.

Germany’s car industry was “one of the biggest winners,” Fuest noted, adding that after a few very difficult months, it was now likely that the export business of German car manufacturers would pick up again.

Confidence had also returned to the electronics industry in Germany, according to the ifo business survey for July.

However, the German Electrical and Electronic Manufacturers’ Association (ZVEI) announced last week that exports to industrialized countries fell by more than 10 percent to 51.7 billion euros (60.6 billion U.S. dollars) in the first five months of this year.

According to the ifo Institute, pessimism in the mechanical engineering sector had also decreased noticeably, “but sales are not yet expected to rise.”

“The next few months will be particularly important for the European economies to lastingly recover and regain their strength,” said Peter Altmaier, Minister for Economic Affairs and Energy, two weeks ago when presenting the priorities of Germany’s Presidency of the Council of the European Union. Enditem

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