The German Machinery and Equipment Manufacturers Association recently reported that orders for the industry in July declined by 3% compared to the same period last year. While domestic demand showed a positive growth of 10%, exports experienced a significant drop of 9%. This downturn is attributed to broader global economic challenges, which have impacted the overall performance of the sector.
In the first half of this year, the total export volume of the German machinery manufacturing industry fell by 3.2% year-on-year, marking a potential end to three consecutive years of export growth. The association highlighted that this decline reflects a shift in the market dynamics, as many key export markets have seen contraction.
According to the association’s data, the sector generated approximately 73.5 billion euros (about 98.4 billion US dollars) in exports during the first half of the year. The first quarter saw a sharp decline of 5.8%, followed by a smaller decrease of 2.2% in the second quarter. The report also noted that nearly all major export markets faced a contraction during this period.
Specifically, exports to the European market dropped by 3.3%, while the Asian market recorded a 4% decline. Notably, exports to India fell by a significant 15.6%. Meanwhile, exports to the United States remained stagnant, and the North American market saw a modest contraction of about 2%.
Ralph Wischers, the association’s chief economist, suggested that the downward trend in exports is likely to continue in the second half of the year, but the pace of decline may slow down. He pointed out that some early indicators suggest an improvement in the overall economic environment, which could provide some relief to the sector.
Germany remains the world's leading exporter of machinery and equipment, with the machinery manufacturing industry being a major employer in the country. Since 2003, the sector has consistently grown in output and exports, despite a setback during the 2009 financial crisis. It recovered over the next three years and reached pre-crisis levels by 2012.
In 2012, the industry achieved sales of roughly 207 billion euros (about 277.1 billion US dollars), with approximately 75% coming from exports. This contributed to a substantial trade surplus of around 93 billion euros (about 124.5 billion US dollars). Despite recent challenges, the sector continues to play a vital role in Germany's economy.
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