Mood brightens for German exporters in November – Ifo

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BERLIN, Nov 28 (Reuters) – German exporters’ sentiment edged into positive territory in November despite fears of a global recession, as the automotive industry saw a return in demand for foreign orders, offsetting gloomier outlooks elsewhere, according to a survey.

The Ifo institute said on Monday its export expectations index rose to 0.4, up from -4.6 in October, citing its survey of 2,300 companies. This brings the index to its highest level since June after rising for the second month in a row.

“Small glimmers of hope are emerging for the German export industry,” Ifo President Clemens Fuest said in a statement.

While carmakers expected exports to grow, manufacturers of machinery and equipment and companies in the electrical industry expected hardly any further impetus from international business, Fuest said.

Beverage producers, the furniture industry and the chemical industry were all expecting declining sales, he added.

A third of the global economy could slip into recession by 2023, according to the International Monetary Fund (IMF), eating into demand for German exports.

The Association of German Chambers of Industry and Commerce (DIHK) expects German export business to decline by 2% in 2023.

(Writing by Rachel More; Editing by Toby Chopra)

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