Export outlook for German manufacturing continues rise
Xinhua, February 25, 2015 Adjust font size:
Export forecasts for German manufacturing in February rose for the fifth consecutive month, research institution Ifo institute said Tuesday.
The outlook value in February climbed to 11.9 balance points from 9.5 balance points in January, the think tank said.
According to Ifo president Hans-Werner Sinn, the main driver behind this development was automotive manufacturing, adding German exporters continued to benefit from the low euro exchange rate.
"German automotive manufacturers expect business to pick up significantly, as lower oil prices slowly seem to be bearing fruit," Sinn noted.
In addition, companies in the chemical industry, metal production and processing and electronics also expect good export opportunities.
However, mechanical engineering firms suffered a setback, and their expectations declined from the high-point reached in January.
The Ifo business climate index is considered the most important barometer for the German economy. Endit