The manufacturing order books in Germany saw a deepening decline in March, as orders fell by 17% year-on-year in real terms. Domestic orders fell by 23% compared to a year ago while foreign orders fell by 15%. That being said, things need to be put into context a little. In March 2023, German manufacturing saw the biggest number of orders for the entire year. So, it is a relatively high base to compare it to.
VDMA notes by taking that into consideration, perhaps there might be a sign that the downward trend in manufacturing orders have bottomed out. But we’ll see. In January to March this year, orders are still down by 13% compared to the same period a year ago.
This article was written by Justin Low at www.forexlive.com.
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