The results of research published by the Ifo economic institute showed that the sentiment of German exporters has declined again, and reached the lowest level since May 2020, as the deterioration in the prospects for the global economy overshadows medium-term growth expectations.
The data showed that the export expectations index fell in September to -6.0 points compared to -2.8 points last month.
The Federal Statistical Office (Destatis) reported in early September that in July the volume of German exports decreased by 2.1% on a monthly basis and increased by 14.3% per annum. Meanwhile, the volume of imports fell by 1.5% compared to June and increased by 29.3% year-on-year. After calendar and seasonal adjustments, the volume of exports of goods amounted to 131.3 billion euros, while the volume of imports of goods reached 125.9 billion euros. As a result, the trade surplus decreased to 5.4 billion euros from 6.2 billion euros in June. Economists had expected a drop to 4.6 billion euros.
"Export expectations are negative in most manufacturing industries. However, beverage manufacturers are again inclined to optimism, and the automotive industry expects export growth at the end of the year," the Ifo Institute said.