German export sentiment brightens in February – Ifo

By Thomson Reuters Feb 26, 2024 | 12:28 PM

(Reuters) – Sentiment among German exporters improved in February, although only a few sectors expected exports to increase, according to a survey by the Ifo economic institute released on Monday.

The institute’s export expectations indicator rose to minus 7.0 points in February, from minus 8.5 points in January.

“The German export industry is currently hardly benefiting from global economic development,” Klaus Wohlrabe, head of surveys at Ifo said, adding there is still a lot of room for improvement.

While the food industry and glass and ceramics manufacturers continue to forecast export growth, mechanical engineering expectations fell to their lowest level since June 2020. Weakness in exports also continues to hit car manufacturers and the metal sector, the study said.

German exports as a whole fell in 2023 by 1.4% due to the global economy groaning under numerous burdens, caused by high inflation, increased interest rates and international crises.

(Reporting by Rene Wagner, writing by Anastasiia Kozlova and Amir Orusov; editing by Bartosz Dabrowski)