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Study finds sharp plunge in German export expectations

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Study finds sharp plunge in German export expectations

Optimism among German exporters has plunged as rising coronavirus infections around the world raise concerns of a knock-on effect on trade, the Munich-based ifo Institute said in a study released on Tuesday.

According to ifo, in October, export expectations in manufacturing fell from 10.3 points to 6.6 points.

This followed a surge in optimism in the previous month to levels not seen since 2018.

The food and beverage industry also expected exports to decline, and concerns were rising among manufacturers of textiles and clothing, possibly due to the danger of renewed shutdowns in European city centres.

According to a statement from ifo, in contrast, manufacturers of electronic and optical devices as well as the chemical industry were expecting rising revenue from foreign trade.

“The indicator for the chemical industry rose in October to the highest level since December 2018,’’ the researchers said.

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