Global Markets

Challenges with raw material supply affect German industrial exports – Ifo

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The Ifo economic institute reported on Tuesday that German October export forecasts have dropped to their lowest level since February 2021, owing to raw material supply shortages affecting the manufacturing sector.

Export expectations plummeted to 13 points in October, down from 20.5 points the previous month, and the industries most affected include electrical equipment, chemicals, and automobile manufacture, according to Ifo.

Exports in the food and furniture industries, on the other hand, are likely to stay stable, according to the report.

Story by : Norvisi Mawunyegah