Germany's export estimates fell in June due to the uncertainties over US tariffs, as the EU and US have yet to reach an agreement, prompting German exporters to keep their expectations low, according to the Munich-based Ifo Institute for Economic Research on Wednesday.
The institute said its Export Expectations survey found that exporters' expectations declined from minus 3 in May to minus 3.9 in June.
Beverage makers suffered a "major hit," despite months of positive outlook as they lowered their export estimates in the following months, it noted.
Export estimates of food manufacturers, the auto industry, and mechanical engineering all declined this month, while the furniture industry and leather goods manufacturers expect growing exports, and electrical equipment manufacturers stay cautious, the institute also said.
