Export expectation of German manufacturers for the next three months were in "free fall", ifo Institute announced on Monday.

The ifo export index based on replies from 2,300 German companies "plunged" from minus 19.0 points to minus 50.0 points in April, marking the lowest value ever measured, according to ifo Institute.

With a drop of 31 points, the extent of the decline was also "unprecedented" as the coronavirus pandemic was leaving "deep scars" on export markets globally, ifo Institute noted.

"Expectations fell to new lows in numerous sectors. Many key German industries are particularly affected, such as automotive manufacturing, mechanical engineering, and electrical engineering," said Clemens Fuest, president of ifo Institute.

According to the ifo Institute, the export expectation in Germany's chemical industry, which had been "comparatively moderate" in the previous month, would now also see "significant declines."
The "only bright spot" in Germany this month, according to ifo, was the pharmaceutical industry, which was still assuming stable export business.

Source: Xinhua