Sentiment in Germany’s export industry improved considerably in August, with the Ifo Institute’s export expectations gauge rising to 9.6 points from minus 2.8 points in July, its highest level since February 2022. Ifo’s Klaus Wohlrabe said the export industry is picking up speed, led particularly by booming exports to the European Union, while exports to China remain sluggish. Electrical-equipment, data-processing, electronic and optical-products manufacturers were especially optimistic, citing the growing digitalization of the economy and high investments in AI (artificial intelligence). The automotive and metal-products industries also became more optimistic, but paper companies and manufacturers involved in metal production and processing expected exports to decline.