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Industrials

German export hopes recover somewhat in May after 'catastrophic' April

FILE PHOTO: Cars intended for export wait at the port for loading, as the spread of the coronavirus disease (COVID-19) continues in Bremerhaven, Germany, April 24, 2020. REUTERS/Fabian Bimmer

BERLIN (Reuters) - The mood among German exporters recovered somewhat in May after a “catastrophic” April, the first full month of coronavirus lockdown measures in Europe’s largest economy, the Ifo institute said on Tuesday.

“Virtually every sector still expects further declines, yet these will be less sharp than had been expected in the previous month,” the Munich think tank said in a monthly release.

The Ifo export indicator, based on a survey of around 2,300 manufacturing businesses, rose in May to -26.9 from -50.2. It is a net reading for respondents expecting an increase minus those who see a decline.

Reporting by Douglas Busvine; Editing by Michelle Martin

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