Sentiment among German exporters lifts slightly

Sentiment among German exporters increased slightly in October, although the overall situation remained difficult due to tense energy markets and a weak global economic environment, the Ifo institute said on Wednesday.

The institute’s index of exporter expectations increased to -5.3 points in October from -6.0 points in September.

Only the beverage industry and electronic equipment makers were expecting significant growth, the survey showed. Carmakers, by contrast, did not expect any growth in their foreign businesses. High energy sectors including chemicals, glassware and metal production remained in a difficult situation.

New orders from abroad came in rather slowly due to the uncertainty, the Ifo said.

German business morale was nearly unchanged in October, defying forecasts of further decline thanks to an improvement in companies’ expectations, a survey showed on Tuesday.

Analysts attributed the better-than-expected figure to the German government’s announced measures to cap high energy prices.