Germany Ifo export expectations dropped sharply from -1.1 to -19.8 in March. That is the sharpest decline since reunification, and the lowest level since May 2009.
Ifo President Clemens Fuest warned, “The corona pandemic is slowing global trade. Cross-border logistics is becoming more difficult. Germany as an export nation is particularly affected.”
Export expectation dropped in almost all industrial sectors, with auto industry particular hard hit. Outlook is also “bleak” in mechanical engineering, textile and clothing. A “comparatively moderate decline” was see among electrical equipment and chemicals.
