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German firms' export expectations improved significantly in May after the US and China agreed to suspend tariffs earlier this month, according to data released by the market research institute Ifo on Friday.

Ifo's Export Expectations index rose 6.4 points to minus 3 in May from April's five-year low of minus 9.4 points.

Expectations jumped significantly in mechanical engineering, the automotive and electrical industries, and the food industry, with companies no longer expecting a decline in exports.

In contrast, export expectations in the metalworking industry fell slightly, as the majority of companies continued to expect a drop in exports.

Ifo said expectations for the chemical industry have fallen because it has not benefited from the easing of the trade conflict.

"The easing in the tariff conflict has been a relief for exporters,” said Klaus Wohlrabe, head of surveys at Ifo. “However, caution is advised, as there is still no fundamental agreement between the US and the EU regarding the level of the tariffs.”

The tariffs announced by US President Donald Trump on April 2 sparked widespread uncertainty in global trade and fears of a recession.

Trump imposed a 20% tariff rate on EU countries, which he later suspended except for China.

On May 10-11, delegations from the US and China met in Geneva for tariff talks. They agreed to suspend tariffs for 90 days beginning May 14 and mutually lower them by 115%.

As of May 14, the US tariff rate against China is 30%, while China's rate against the US is 10%.