Confidence in the German export industry improved significantly, rising to a peak of over four years

German think tank ifo indicated on Wednesday that confidence in the German export sector had improved significantly, rising to its highest level since February 2022. According to a survey of manufacturers, the expected export index of ifo rose from -2.8 points in July to 9.6 points in August. Klaus Wohlrabe of ifo states that “the export sector is growing at an accelerated rate, especially to the EU. As a result of the increasing digitalization of the economy and the high investment in artificial intelligence, manufacturers of electrical equipment continue to be very optimistic, as do manufacturers of data-processing equipment and electronic and optical products. Ifo indicated that the automotive industry and metal manufacturers were also much more optimistic about export prospects than before. In contrast, exports from the paper sector and from metal-producing and processing enterprises are expected to decline。