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Financial News: Germany Factory Orders Recover On Foreign Demand

Germany Factory Orders Recover On Foreign Demand

11/04/2021 - 07:17:00 (RTTNews)

(RTTNews) - Germany factory orders recovered in September underpinned by robust foreign demand, figures from Destatis revealed on Thursday.

New orders grew 1.3 percent month-on-month in September, reversing an 8.8 percent decrease in August. However, this was slower than the 2 percent expansion expected by economists.

Domestic orders were down 5.9 percent in September. By contrast, foreign orders rose 6.3 percent. New orders from the euro area decreased 7.3 percent and that from other countries moved up 14.9 percent.

Producers of intermediate goods reported a 2.0 percent fall in new orders. On the other hand, the producers of capital goods recorded an increase of 3.9 percent. Regarding consumer goods, orders were down 1.7 percent.

In September, new orders increased most considerably in the manufacture of machinery and equipment by 12.2 percent, where comprehensive major orders were reported. A 9.6 percent increase in new orders was recorded in the manufacture of motor vehicles, trailers and semi-trailers.

On a yearly basis, new order growth eased to 9.7 percent from 10.4 percent in August.

Further, data showed that manufacturing turnover dropped 0.3 percent, following a revised 5.8 percent fall in August. Year-on-year, real turnover was 2.9 percent lower.

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