German export expectations hit highest level since October 2018

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) - Optimism among German exporters - who have taken a battering due to the coronavirus crisis - hit its highest level in September since October 2018, the Ifo institute said on Friday.

Ifo said its export expectations index climbed to 10.4 in September from 5.5. It said significantly more companies in the chemical and electrical equipment sectors anticipated an increase in shipments abroad in the fourth quarter.

The car industry also foresees an increase in foreign sales while makers of clothing, leather goods and shoes predict sales will decline significantly.

Reporting by Michelle Adair; Editing by Caroline Copley