Export expectations in Germany's manufacturing sector declined in August as "German exporters have become somewhat more cautious," the ifo Institute said on Wednesday.
The corresponding ifo export index fell from 7.5 points in July to 5.1 points in August. The ifo export expectations were based on around 2,300 monthly reports from German manufacturers.
Last month, export expectations of German manufacturers turned positive after worsening since the beginning of the year, according to ifo. In April, the COVID-19 crisis caused the export index to plummet to minus 50.3 points, hitting the lowest value ever measured.
After a "very strong increase" in the previous month, export expectations in Germany's important automotive industry also fell in August, ifo noted.
The German Association of the Automotive Industry (VDA) warned on Tuesday that the COVID-19 crisis continued to significantly affect supplier companies in the automotive industry. Around two thirds of supplier companies said that capacities were currently only utilized at 50 to 75 percent, according to a company survey by VDA.
According to ifo, the chemical industry in Germany also "suffered a setback." However, manufacturers of machinery and equipment seemed to have "overcome the export crisis and are not expecting further declines for the time being."
Electrical industry and manufacturers of metal products similarly had "greater optimism regarding international business" in August, ifo noted.
In the second quarter of the year, German exports of goods and services dropped by 20.3 percent compared to the previous quarter, the Federal Statistical Office (Destatis) said on Tuesday. The decrease was "markedly larger" than during the financial crisis in 2009 when exports went down 11 percent in one quarter.