German export outlook dims in September 2023: ifo

27 Sep '23

1 min read

Pic: Thorsten Schier / Shutterstock.com

Insights

German export sentiment has worsened, with ifo export expectations falling to minus 11.3 points in September 2023 from minus 6.5 in August 2023.
Leather goods manufacturing expects a rise in exports with a score of 11.2 points, while the textile and apparel sectors are facing steep declines, falling to minus 20.5 and minus 26.8 points respectively.

Sentiment within the German export industry has deteriorated significantly, according to the latest ifo export expectations, which dropped to minus 11.3 points in September 2023 from minus 6.5 points in August.

Currently, the manufacturing of leather goods is a rare bright spot, expecting a rise in exports with a score of 11.2 points. Conversely, the manufacture of wearing apparel and textile industries have experienced steep declines in expectations, falling to minus 20.5 and minus 26.8 points respectively. The majority of other sectors are also anticipating a decrease in international business.

“Germany’s export economy is going through a weak phase,” said Klaus Wohlrabe, head of surveys at ifo. “Exports to all key regions are currently in decline. It’s likely that export demand won’t pick up again significantly until next year.”

Fibre2Fashion News Desk (DP)

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