Look at that. In one sector of the German economy there seems to be a V-shaped recovery after the corona crisis, namely for exports. According to a very recent publication by the ifo Institute, exporters’ expectations are currently rising again as quickly as they did at the low point of the corona crisis. The following chart shows this very clearly. The mood among German exporters has recovered noticeably. The ifo export expectations of the industry rose from minus 26.7 to minus 2.3 points in June. This is the strongest increase in a single month ever. According to ifo, German industry is working its way out of the basement. Here are further statements in the wording:
In the automotive industry, the upward trend from the previous month continued. The manufacturers expect a significant increase in exports in the coming months. Identical for the pharmaceutical industry. In the other sectors, no export growth is expected yet, but the mood has brightened noticeably. For the chemical industry, companies expect exports to remain constant. In the electrical engineering and mechanical engineering sectors, however, foreign sales are still expected to decline. These will be less severe than in previous months.