Business confidence of German exporters weakens in March:Ifo

Source: Xinhua| 2019-03-27 03:27:49|Editor: yan
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BERLIN, March 26 (Xinhua) -- Business confidence in March among German exporters declined for the sixth month in a row, the German Ifo Institute for Economic Research announced on Tuesday.

Export expectations for the manufacturing sector declined by 5.8 points to 1.4 points, marking the lowest value since October 2012, the Ifo Institute announced.

"The slowing of the global economy is causing problems for the German export industry," said Ifo President Clemens Fuest.

Export expectations had weakened "considerably" in the automotive sector as German carmakers would expect declining exports, said Fuest, adding that "the same applies to the metals industry."

For Germany's mechanical engineering sector, Ifo is neither expecting further growth nor declines in exports. The German chemical industry "remains well positioned in foreign business and anticipates additional orders," said Fuest and added that the electrical industry would also be expecting growth.

On Monday, the Ifo business climate index that includes all economic sectors in Germany reversed a trend and rose for the first time in six months against factors including a weakening global economy and imminent Brexit.

"The German economy is resisting the current economic downturn", commented Fuest on Monday. German companies were "decidedly more optimistic regarding business in the coming six months", he added.