The sentiment among German exporters "recovered markedly" and ifo export expectations for manufacturing rose from minus 26.7 to minus 2.3 points in June, ifo Institute announced on Thursday.
According to ifo Institute, there had never been a stronger increase in the course of a month. "German industry is embarking on the road to recovery," said Clemens Fuest, president of the ifo Institute.
In April, due to the COVID-19 crisis, the ifo export index, which is based on replies from 2,300 German companies, "plunged" to minus 50.0 points and hit the lowest value ever measured.
In Germany's important automotive industry, the upward trend from May continued and car manufacturers expected a "significant increase" in exports in the coming months, according to ifo Institute. The same would be the case for the pharmaceutical industry.
Although other industry sectors still expected no increase in exports, the mood had "brightened considerably." In the chemical industry, German companies expected exports to remain constant.
Companies in the electrical engineering and mechanical engineering sectors, however, still expected falling sales. However, the decline in sales was expected to be less severe than in previous months, according to ifo Institute.
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