Mechanical engineering
Orders no longer declining for the first time since January
The recovery in the German mechanical engineering sector strengthened in October. Orders reached the previous year's level and thus did not decline for the first time since January 2020, according to the industry association VDMA.
"The increasing restrictions and uncertainty as a result of the second wave of coronavirus have not yet been reflected in order books in October," explained VDMA Chief Economist Ralph Wiechers.
Orders from abroad in October were at the same level as the same month last year. Domestically, machinery and plant manufacturers even recorded a small increase of 1 percent. "This results in a pleasing zero in the monthly balance. Of course, the low order level in the fourth quarter of 2019 also had an impact here," said Wiechers.
Orders were down in the less volatile three-month period from August to October 2020. Price-adjusted (real) incoming orders fell by 8% compared to the same period last year. Domestic orders were down 5%, while foreign orders were 9% below the previous year's level.
In view of the slump in demand during the coronavirus crisis, the association recently predicted a 17% drop in production for the year as a whole. The export-oriented industry, which employs more than one million people, is also being impacted by the increasing isolation of international trade markets and the upheaval in the automotive industry.
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