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German manufacturers' export expectations rise sharply in Oct.: Ifo

Xinhua, October 27, 2016 Adjust font size:

German manufacturers' expectations in export growth rose significantly in October, research group Ifo institute reported Wednesday.

The outlook value increased from 8.8 balance points in September to 14.1 balance points in October, marking the sharpest upturn since February 2013, the Munich-based think tank said.

According to the report, the automotive industry was the main driver behind brighter expectations. Electrical goods manufacturing and chemical industry also reported strong upturns in orders.

Meanwhile, mechanical engineers only expect to see a restrained growth in their foreign business.

"German exporters are increasingly benefiting from the brighter world economic situation," Ifo president Clemens Fuest commented.

The Ifo Export Expectations are based on around 2,700 monthly reports from manufacturers, who are asked to report their export expectations for the next three months. Endit