German export sentiment improves in November: ifo Institute

2021-11-25 16:05:37 GMT2021-11-26 00:05:37(Beijing Time) Xinhua English

BERLIN, Nov. 25 (Xinhua) -- Sentiment in Germany's export industry has improved as the corresponding indicator for export expectations rose from 13.1 points in October to 15.8 points in November, the ifo Institute for Economic Research said on Thursday.

Despite supply problems for intermediate products and raw materials, the German export industry is "in a robust position," said Clemens Fuest, president of the ifo Institute, in a statement.

Although the global chip shortage still affects production at several plants of German car manufacturers and suppliers, the country's automotive industry is expecting "significant growth in international business," Fuest said.

In the first ten months of 2021, total production in the country's automobile plants declined by eight percent to almost 2.6 million cars, according to the German Association of the Automotive Industry (VDA). Deliveries to international customers declined by six percent.

Export expectations of machinery and equipment manufacturers "slipped slightly but are still at a good level," Fuest said. Just like the automobile industry, manufacturers of electrical equipment also expected to see significant growth in exports.

The ifo Export Expectations is based on around 2,300 monthly reports from German manufacturers about their export expectations for the next three months. (1 euro = 1.12 U.S. dollars) Enditem