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Ifo Export Expectations - Ifo Business Survey for February 2017

German Exporters More Optimistic

Feb 24, 2017

German exporters expressed growing optimism in February. The Ifo Export Expectations rose from 12.1 balance points in January to 14.6 balance points this month. These figures point to a clear upturn in exports in the first quarter, with no sign of any “Trump” effect visible to date. Companies that export to the USA even reported a slightly improved outlook.

The upturn was primarily driven by the electrical goods and pharma industries. A growing number of machinery manufacturers also expect their exports to increase. Most consumer goods producers see the outlook as stable and positive. Companies from the metal production and processing branch, as well as manufacturers of data processing equipment, by contrast, reported a drop in exports. 

Clemens Fuest
President of the Ifo Institute


Ifo Export Expectations (Balance, seasonal adjusted)
  02/16 03/16 04/16 05/16 06/16 07/16 08/16 09/16 10/16 11/16 12/16 01/17 02/17
Balance 4.6 6.7 4.2 6.2 7.7 4.9 4.9 9.0 13.9 6.7 8.1 12.1 14.6
Source: Ifo Institute

Explanatory note

The Ifo Export Expectations are based on around 2,700 monthly reports from manufacturers. Companies are asked to report their export expectations for the next three months. They can describe their expectations as "increasing", "unchanged" or "declining". The balance value of their projections is the difference in the percentages of "increasing" and "declining" responses. 


Dr. Klaus Wohlrabe

Ifo Institute
Ifo Center for Business Cycle Analysis and Surveys
Phone: +49(0)89/9224-1229
Fax: +49(0)89/9224-1463
Email: wohlrabe @

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