German export expectations for manufacturing 2023

In November 2023, the seasonally adjusted balance value for export expectations in the German manufacturing sector was negative 3.8 points. This indicates that German companies expect a decrease in manufacturing exports. For context, this increases comes after declines down to minues 10.5 points in September 2023 and -48.4 points in April 2020.

Monthly balance values of the ifo export expectations for the German manufacturing sector from January 1991 to November 2023 (seasonally adjusted)

Characteristic	Export expectations
2023-11	-3.8%
2023-10	-6.3%
2023-09	-10.5%
2023-08	-6.2%
2023-07	-6.1%
2023-06	-6.1%
2023-05	0.3%
2023-04	5.3%
2023-03	3.1%
2023-02	2.6%
2023-01	3.5%
2022-12	2.3%
2022-11	1.3%
2022-10	-2.7%
2022-09	-3.5%
2022-08	-1.5%
2022-07	0.1%
2022-06	4%
2022-05	3.3%
2022-04	0.5%
2022-03	-4.4%
2022-02	14.8%
2022-01	14.5%
2021-12	12.9%
2021-11	16.2%
2021-10	15.7%
2021-09	22.3%
2021-08	17.3%
2021-07	23.2%
2021-06	22.3%
2021-05	22.2%
2021-04	23.9%
2021-03	23.1%
2021-02	11%
2021-01	5.7%
2020-12	4.4%
2020-11	0.8%
2020-10	8.2%
2020-09	8.5%
2020-08	5.6%
2020-07	7.2%
2020-06	-4%
2020-05	-24.4%
2020-04	-48.4%
2020-03	-18.1%
2020-02	-1.4%
2020-01	-0.6%
2019-12	1.2%
2019-11	-0.5%
2019-10	-2.3%
2019-09	-7.3%
2019-08	-3.3%
2019-07	-2.8%
2019-06	-0.5%
2019-05	5%
2019-04	4.3%
2019-03	4.7%
2019-02	7.1%
2019-01	4.7%
2018-12	7.9%
2018-11	11%
2018-10	10.7%
2018-09	12.8%
2018-08	13.2%
2018-07	14.2%
2018-06	13.1%
2018-05	15.9%
2018-04	18.2%
2018-03	18.7%
2018-02	18.4%
2018-01	19.2%
2017-12	20.2%
2017-11	20.9%
2017-10	21.3%
2017-09	19.7%
2017-08	19.5%
2017-07	24.1%
2017-06	20.2%
2017-05	21%
2017-04	18.4%
2017-03	17.7%
2017-02	14.4%
2017-01	12.4%
2016-12	9.8%
2016-11	7%
2016-10	13.1%
2016-09	10.5%
2016-08	9.1%
2016-07	9%
2016-06	9.2%
2016-05	7.2%
2016-04	6.2%
2016-03	6.3%
2016-02	5.3%
2016-01	6.6%
2015-12	9.7%
2015-11	7.6%
2015-10	7.8%
2015-09	9.8%
2015-08	11.3%
2015-07	9.9%
2015-06	11%
2015-05	10.9%
2015-04	11.4%
2015-03	11.7%
2015-02	10.2%
2015-01	8.5%
2014-12	7.2%
2014-11	6.1%
2014-10	7.2%
2014-09	6.2%
2014-08	8.5%
2014-07	9%
2014-06	10.8%
2014-05	11.5%
2014-04	11.8%
2014-03	12.4%
2014-02	15.1%
2014-01	16.6%
2013-12	15.6%
2013-11	18.8%
2013-10	15.1%
2013-09	16.2%
2013-08	13.6%
2013-07	11.8%
2013-06	9.6%
2013-05	7.2%
2013-04	9.6%
2013-03	8.5%
2013-02	11.2%
2013-01	6.9%
2012-12	6.1%
2012-11	5.3%
2012-10	-1.4%
2012-09	1.7%
2012-08	3.5%
2012-07	5.2%
2012-06	5.4%
2012-05	9%
2012-04	8.9%
2012-03	9%
2012-02	8.7%
2012-01	7.6%
2011-12	9.7%
2011-11	6.7%
2011-10	9.6%
2011-09	7.8%
2011-08	12%
2011-07	13.2%
2011-06	17.2%
2011-05	18.8%
2011-04	20.6%
2011-03	22.7%
2011-02	24.7%
2011-01	26.6%
2010-12	24.2%
2010-11	22.7%
2010-10	23.7%
2010-09	23.6%
2010-08	22.3%
2010-07	21.2%
2010-06	22%
2010-05	21%
2010-04	20.6%
2010-03	18.4%
2010-02	18.8%
2010-01	15.3%
2009-12	12.3%
2009-11	11.4%
2009-10	6.8%
2009-09	2.6%
2009-08	0.6%
2009-07	-8.2%
2009-06	-17%
2009-05	-21.5%
2009-04	-27.5%
2009-03	-34.1%
2009-02	-31.5%
2009-01	-32.3%
2008-12	-31.9%
2008-11	-20.4%
2008-10	-10.7%
2008-09	-1.1%
2008-08	5%
2008-07	7.9%
2008-06	10.5%
2008-05	13.3%
2008-04	14.9%
2008-03	18.1%
2008-02	17.6%
2008-01	19.8%
2007-12	19.6%
2007-11	19.7%
2007-10	18%
2007-09	19.7%
2007-08	18.7%
2007-07	18.5%
2007-06	20.4%
2007-05	21.1%
2007-04	19.9%
2007-03	19.9%
2007-02	20.2%
2007-01	22.5%
2006-12	22.8%
2006-11	22.9%
2006-10	20.1%
2006-09	18.7%
2006-08	14.7%
2006-07	17.5%
2006-06	20.3%
2006-05	18.8%
2006-04	21.8%
2006-03	22.8%
2006-02	22.4%
2006-01	23.9%
2005-12	19%
2005-11	17.5%
2005-10	16.3%
2005-09	16.1%
2005-08	14.8%
2005-07	14.3%
2005-06	13.1%
2005-05	11.4%
2005-04	16.6%
2005-03	15.7%
2005-02	16.6%
2005-01	13.3%
2004-12	15.3%
2004-11	15.4%
2004-10	17.5%
2004-09	17.5%
2004-08	19%
2004-07	17.5%
2004-06	15.6%
2004-05	15.8%
2004-04	14.7%
2004-03	13.9%
2004-02	11.9%
2004-01	10.6%
2003-12	10.9%
2003-11	12.5%
2003-10	12.7%
2003-09	8%
2003-08	4%
2003-07	2.1%
2003-06	2.6%
2003-05	2.1%
2003-04	2.1%
2003-03	2.1%
2003-02	4.6%
2003-01	7%
2002-12	6.7%
2002-11	5.6%
2002-10	6.9%
2002-09	6.4%
2002-08	7%
2002-07	8.6%
2002-06	8.4%
2002-05	8.4%
2002-04	8.7%
2002-03	3.3%
2002-02	0.6%
2002-01	-5.6%
2001-12	-2.5%
2001-11	-5.6%
2001-10	-9.8%
2001-09	-4.9%
2001-08	1.9%
2001-07	-0.9%
2001-06	-1.1%
2001-05	0.7%
2001-04	3.2%
2001-03	6.3%
2001-02	9.7%
2001-01	12.2%
2000-12	11.4%
2000-11	13%
2000-10	13.4%
2000-09	15.6%
2000-08	14.7%
2000-07	13.7%
2000-06	14.7%
2000-05	13.1%
2000-04	13.6%
2000-03	10.1%
2000-02	11.8%
2000-01	12%
1999-12	11.4%
1999-11	10.5%
1999-10	9.5%
1999-09	7%
1999-08	6.6%
1999-07	4.6%
1999-06	5.8%
1999-05	0.2%
1999-04	-2.2%
1999-03	-1%
1999-02	-7%
1999-01	-3.9%
1998-12	-1.6%
1998-11	-0.1%
1998-10	-3.6%
1998-09	0.1%
1998-08	3.5%
1998-07	6.8%
1998-06	8.9%
1998-05	10.3%
1998-04	15.9%
1998-03	13.9%
1998-02	13.1%
1998-01	13.1%
1997-12	13.2%
1997-11	13.3%
1997-10	15.3%
1997-09	18.3%
1997-08	14.8%
1997-07	14.1%
1997-06	13.2%
1997-05	10%
1997-04	13.7%
1997-03	14%
1997-02	14%
1997-01	15.3%
1996-12	11.1%
1996-11	12.2%
1996-10	9.1%
1996-09	9.3%
1996-08	6.9%
1996-07	6.4%
1996-06	5.2%
1996-05	5.8%
1996-04	3.3%
1996-03	2.9%
1996-02	3%
1996-01	3.3%
1995-12	7.4%
1995-11	4.4%
1995-10	6.1%
1995-09	6.5%
1995-08	8.1%
1995-07	6.6%
1995-06	6.9%
1995-05	6.3%
1995-04	3.7%
1995-03	8.8%
1995-02	12.2%
1995-01	13.7%
1994-12	21.7%
1994-11	17.9%
1994-10	16.1%
1994-09	15.8%
1994-08	12.1%
1994-07	13.5%
1994-06	12.3%
1994-05	14%
1994-04	15.1%
1994-03	9.5%
1994-02	9.4%
1994-01	5.4%
1993-12	1%
1993-11	-1.7%
1993-10	-2.9%
1993-09	-4.8%
1993-08	-5.8%
1993-07	-9.9%
1993-06	-9.4%
1993-05	-13.5%
1993-04	-13.5%
1993-03	-11.7%
1993-02	-15.3%
1993-01	-10.7%
1992-12	-14.6%
1992-11	-17.4%
1992-10	-17%
1992-09	-10.6%
1992-08	-5.8%
1992-07	0.8%
1992-06	3.1%
1992-05	0.3%
1992-04	-0.8%
1992-03	0.1%
1992-02	-2.2%
1992-01	-0.1%
1991-12	1.8%
1991-11	3.8%
1991-10	3.1%
1991-09	1.5%
1991-08	-0.9%
1991-07	-0.4%
1991-06	-3.2%
1991-05	-4.8%
1991-04	-4.9%
1991-03	-8.1%
1991-02	-5.9%
1991-01	-11.8%

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Release date

September 2023

More information

Region

Germany

Survey time period

January 1991 to November 2023

Supplementary notes

The balance is derived from the ifo Business Survey, which is based on about 7,000 monthly reports from companies in manufacturing, construction, wholesale and retail. Companies are asked to evaluate their current business situation and describe their expectations for the coming six months. Companies can rate their current situation as "good", "satisfactory" or "poor" and their expectations for the next six months as "more favorable", "unchanged" or "less favorable". The balance value of the present business situation is the difference between the percentages of the ratings "good" and "poor", the balance value of the expectations is the difference between the percentages between ratings "more favorable" und "less favorable".

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