Export outlook for German industry falls for fifth consecutive month: Ifo

Export forecasts for German industry in August worsened again for the fifth consecutive month, research group Ifo institute announced on Wednesday.

The outlook value in August declines to 7.4 balance points from 7.7 points in July, the think tank said.

"The companies still expect growth in exports, however, but to a lesser extent," Ifo president Hans-Werner Sinn noted.

Companies in mineral oil processing, the chemical industry and chemical-related industries all reported a weakening export expectations, according to Ifo.

However, export expectations of mechanical and automotive engineering, two key German industries, continue to improve, since the companies are more optimistic about future foreign business.

The Ifo business climate index is considered the most important barometer for the German economy. Endit