ifo: Signs point to export growth
According to the Munich-based ifo Institute, exports of many German industrial sectors are growing significantly. The automotive industry is among those driving the improvement.
Munich (dpa/d.de) – Export expectations in German industry have risen to their highest level since Russia launched its war of aggression against Ukraine. They climbed by 3.2 points to 12.2 points in October, according to the ifo Institute in Munich. “The automotive industry in particular has significantly revised its export outlook upwards,” said ifo Head of Surveys Klaus Wohlrabe.
In September, car manufacturers’ expectations were still clearly in negative territory at minus 15.1. They have now surged to plus 12.7. This means that the share of companies expecting rising exports is 12.7 percentage points higher than the share of those anticipating falling exports.
This isn’t the only good news: “The signs also point to export growth in many other industrial sectors,” says Wohlrabe. The export outlook is particularly positive in the beverage industry, among manufacturers of data processing equipment, electrical equipment, textiles and clothing, as well as in mechanical engineering.
Many German companies are also reporting encouraging quarterly figures. Mercedes-Benz’s third-quarter profits increased by around 28 percent, for example, while Deutsche Bank has continued its streak of record-breaking results with third-quarter profits in the billions.
