2023-08-28 09:09:16
Export expectations in the German export industry fell in August to minus 6.3 points from minus 6.0 points in July, as the Munich Ifo Institute announced on Monday: “German exporters are still struggling with weak global demand,” explained the head of the Ifo surveys, Klaus Wohlrabe, In addition, more and more companies are complaining that their global competitiveness is suffering. Overall, the mood has deteriorated slightly.
In the chemical industry, however, the mood has changed. They now expect their exports to increase. Companies in the food industry and beverage manufacturers also assumed that their foreign sales would increase. According to the Ifo, there is a balance between positive and negative answers in vehicle construction. In mechanical engineering, on the other hand, the prospects have continued to deteriorate. The metal industry also expects declining exports.
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The gloomy outlook for the export industry is consistent with the fact that the mood in the executive floors of business deteriorated again in August. The Ifo business climate published on Friday fell for the fourth time in a row. Companies were less satisfied with current business and also more skeptical about their prospects.
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