German manufacturers' expectations in export growth improved significantly in July for the fourth consecutive month, research group Ifo institute reported on Thursday.
The outlook value rose to 20.9 balance points in July from 17.7 balance points in June, the Munich-based think tank said.
According to the Ifo report, the rise in export expectations was mainly driven by chemical industry, while companies in the automotive and electrical goods branches also reported plans to increase their exports.
However, firms in the textiles and clothing industry expect to see very little growth.
"German exporters are in high spirits," Ifo chief Clemens Fuest commented, adding that "the euro's appreciation is obviously having no negative impact."
The Ifo Export Expectations are based on around 2,700 monthly reports from manufacturers, who are asked to report their export expectations for the next three months.