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German industrial orders fall sixth consecutive month amid weak foreign trade
Industry News- Aug 20,24
The most affected sectors were mechanical engineering and the automotive industry, with orders down 0.9% and 0.7%, respectively, from May.
Germany's economy continues to struggle, as recent data from the Federal Statistical Office revealed ongoing declines in industrial orders, exports, and imports. The latest figures paint a grim picture for the country's manufacturers.
In June, industrial orders fell for the sixth consecutive month, registering a 0.2% drop compared to the previous month and a 6.2% decrease from June 2023. The most affected sectors were mechanical engineering and the automotive industry, with orders down 0.9% and 0.7%, respectively, from May. The automotive sector, in particular, marked its 17th consecutive month of declining orders.
Domestic orders showed a slight increase of 0.6% in June, the first rise in four months, but orders from international customers continued to fall, decreasing by 0.7%.
The broader picture of foreign trade is equally concerning. Both exports and imports dropped in the first half of 2024 compared to the same period last year. Exports fell by 1.6% to €801.7 billion, while imports declined by 6.2% to €662.8 billion. The decline in exports was especially sharp in key sectors, with automotive exports down by 2.4%, machinery goods by 4.4%, and chemical products by 4.4%.
Despite these drops, Germany still recorded significant trade surpluses, particularly in the automotive sector (€62.3 billion) and machinery goods (€59.7 billion). In contrast, oil, gas, and agricultural product imports saw the largest surpluses, amounting to €32.5 billion and €13.9 billion, respectively.
The United States remained Germany's largest export market, followed by France and the Netherlands, while China was the leading source of imports into Germany.
(DW)
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