German machine-tool orders down in February

Resource from: GlobalPost Likes:187

Apr 03,2014

Falling domestic and export demand hit Germany's key mechanical engineering sector in February, the VDMA industry federation said on Tuesday. The manufacture of machine tools is an important part of Germany's industrial and export performance. In February, overall incoming orders were down by 4.0 percent compared with the same month a year earlier, VDMA said in a statement, with export orders falling by 3.0 percent and domestic orders down by 6.0 percent. Taking a three-month comparison to iron out short-term fluctuations, overall orders were down by 1.0 percent in the period from December to February. Foreign orders stagnated and domestic orders fell by 5.0 percent, VDMA calculated. VDMA's chief economist Ralph Wiechers explained that the sharp decline in domestic orders was almost solely attributable to the distortedly high number of orders last year. But "on the whole, the orders situation leaves a little to be desired," Wiechers said.

(GlobalPost)

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