Noticeable decline in incoming orders in the manufacturing sector in October
Incoming orders in the manufacturing industry fell again noticeably in October following an increase in September. According to the Federal Statistical Office, orders fell by 3.7% month-on-month and by as much as 7.3% year-on-year. In a more stable three-month comparison, incoming orders from August to October were 4.6 percent lower than in the previous three months.
As the statisticians reported on Wednesday, the decline was mainly due to foreign countries: foreign orders fell by 7.6 percent, while domestic orders rose by 2.4 percent. Within the manufacturing industry, the overall decline is largely attributable to mechanical engineering, where orders fell by 13.5 percent. Declines in the metal industry and the automotive sector also had a negative impact on the result.
According to the statisticians, real turnover in the manufacturing industry fell by 0.5% month-on-month in October. In a year-on-year comparison, there was a drop of 2.1 percent.
Sebastian Dullien, Scientific Director of the Institute for Macroeconomics and Business Cycle Research (IMK) at the Hans Böckler Foundation, explained that the significant decline in orders shows the "continuing weakness of the German manufacturing industry". A thorough recovery of the industrial economy is not to be expected in the coming months.
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The decline in incoming orders from abroad was particularly significant, with foreign orders dropping by 7.6%. This downturn in international orders contributed significantly to the overall 3.7% decrease in incoming orders in October compared to September. The manufacturing sector has experienced a more pronounced decrease in orders in the past three months, with a 4.6% decrease observed from August to October compared to the previous three months.
Source: www.ntv.de
