German engineering orders fall sharply again in June

by Anna

The downward trend in German

engineering companies’ order books persisted in June, the VDMA
association said on Tuesday, suggesting that a trend reversal
was not yet in sight as firms grapple with rising interest rates
and global headwinds.

June orders overall were 15% lower compared with the same

month last year, the VDMA said, with sharper drop of 18% in
domestic orders and a 14% fall in overseas orders. “The balance sheet for the first half of the year is clearly negative. Many companies are still living on high order backlogs, but the air is slowly getting tight when it comes to new orders. A trend reversal is not yet in sight,” said VDMA chief economist Ralph Wiechers.


There was a 2% drop in orders from within the euro zone

inJune, while outside the euro zone, orders were down 19%.
“The effects of restrictive monetary policy to curb inflation are making themselves felt. Likewise, the uncertainties in view of tough geopolitical confrontations,”said Wiechers. For the April to June period, orders were down 15% on the year.


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