Barometer climbed to its best value since October
The mood among German exporters brightened significantly in January, regardless of the second corona wave among important trading partners. The corresponding barometer climbed by 4.1 to 6.0 points, as the Ifo Institute announced on Tuesday in its monthly survey of 2,300 industrial companies. This is the best value since October.
“Clarity on Brexit and the US presidency, a robust industrial economy and the global vaccination start led to cautious optimism in the German export industry,” said Ifo President Clemens Fuest.
The manufacturers of computers and electrical equipment expect significant increases in exports. The machine builders and the chemical industry are also confident about their foreign business. Expectations among manufacturers of food and beverages have recovered significantly. They are currently assuming a constant export business. “The foreign market for the clothing industry remains difficult,” it says. “The furniture manufacturers are also assuming declining foreign sales.”
German exports slumped last year due to the corona recession at key trading partners such as the USA, France and Great Britain. Most experts predict a recovery for 2021 as the global economy is likely to grow again.
