German exporters rate their situation at the end of the year somewhat better than last time. The outlook for the first quarter of 2021 remains cautious.
Dhe mood among German exporters brightened somewhat at the end of the Corona year. The industry’s export expectations rose to plus 1.4 points in December from minus 1.0 points in the previous month, as the Munich-based Ifo Institute announced on Monday for its monthly survey of 2,300 companies. “The German export industry is cautious about the first quarter of 2021,” said Ifo President Clemens Fuest. “Too many uncertainties, such as the unresolved Brexit, are weighing on the outlook.”
The manufacturers of electrical equipment are now reporting on their export business with great optimism. Companies in mechanical engineering and the chemical industry are also anticipating increasing foreign sales. “The automotive industry currently sees a constant export business,” said Fuest. The foreign market remains difficult for the food industry as well as for the manufacturers of clothing and textiles: These sectors expect further declines in orders in the export business.
The industrial nations organization OECD is predicting robust growth for the global economy in the coming year after the corona-related recession in 2020. The driver is therefore China, where the gross domestic product is expected to grow by 8 percent. According to the OECD, the People’s Republic would thus ensure more than a third of global growth. China is Germany’s most important trading partner.