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Sentiment among German exporters falls for third month in a row -Ifo

·1-min read
FILE PHOTO: Containers are seen at a terminal in the port of Hamburg

BERLIN (Reuters) - Sentiment among German exporters fell for the third month in a row in August as high gas prices and a weak global economic environment weigh on the outlook, said a survey on Friday.

The Ifo institute's index of exporter expectations fell to -2.7 in August from -0.4 points in July.

While a majority of industries expect a decline in exports, vehicle manufacturers and their suppliers are looking at significant growth. The apparel industry and manufacturing of data processing equipment also foresee more international sales.

Ifo head of surveys Klaus Wohlrabe told Reuters on Thursday that the number of companies complaining about bottlenecks was at 62% in August, the lowest level in about a year.

Exporters are stuck with billions in costs due to sharp increases in import and producer prices that they cannot fully pass on to foreign customers, the head of foreign trade at the Chambers of Industry and Commerce (DIHK), Volker Treier has said. The resulting burden on German foreign trade amounts to 70 billion euros ($69.72 billion) for the first six months alone, according to Treier.

The value of German exports jumped by 4.5% in June to hit a record level, though economists had cautioned that much of the increase was likely due to soaring prices.

($1 = 1.0040 euros)

(Reporting by Rene Wagner, Writing by Miranda Murray)