German Machine Tool Orders Rise in March

Rising foreign demand boosted Germany’s key mechanical engineering sector in March, the VDMA industry federation said Wednesday.

The manufacture of machine tools is a key driver of German industry and exports.

In March, overall incoming orders rose by 4% compared with the same month a year earlier, VDMA said in a statement.

Domestic orders inched 1% higher and export orders jumped by 6%, VDMA added.

Making a three-month comparison to iron out short-term fluctuations, VDMA said overall orders rose by 2% in the period from January to March.

Foreign orders increased by 3% in the first quarter, while domestic orders slipped by 2%, VDMA calculated.

“Exports set the pace again in March, while domestic orders rose only slightly,” said VDMA’s chief economist Ralph Wiechers.

Nevertheless, the sector had not experienced a real upturn just yet.

“The low exchange of the euro is not yet having a real effect,” Wiechers said.

Copyright Agence France-Presse, 2015

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