German machinery manufacturing orders continue to slump
According to data released by the German Machinery and Equipment Manufacturers Association on the 5th, after the seasonal adjustment, orders for the German machinery manufacturing industry continued their downward trend in June this year, down 5% year-on-year.
The data shows that the total number of orders in the German machinery manufacturing industry declined significantly in the first half of this year, down 9% compared with the same period last year.
Olaf Waterman, an economist at the German Machinery and Equipment Manufacturing Association, said that the global economic downturn, the turmoil in the external political situation, and the structural changes in the automotive industry are all important reasons for the sluggish machinery manufacturing industry.
Machinery manufacturing is one of the important pillar industries of the German economy. The German Machinery Manufacturers Association has more than 3,200 member companies and is one of the largest machinery manufacturing industry associations in Europe. At present, Germany has a total of 6,400 machinery manufacturing enterprises, employing about 1.35 million, and the total R&D investment accounts for about 10% of the output value.
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