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Financial News: Germany's Machinery Exports Decline Sharply In Q2: VDMA

Germany's Machinery Exports Decline Sharply In Q2: VDMA

08/18/2020 - 03:56:00 (RTTNews)

(RTTNews) - Germany's machinery exports declined sharply in the second quarter amid the coronavirus pandemic, data from the engineering industry association, VDMA, showed Tuesday.

Machinery exports decreased 22.9 percent year-on-year in the second quarter, following a moderate 5 percent fall in the first quarter.

In the first six months of 2020, machinery exports were down 14.1 percent.

"In order for export business to return to normal, many of the mechanical engineering customer countries must first get the consequences of the pandemic under control and develop more confidence for new investments," said VDMA Chief Economist Ralph Wiechers.

Data showed that machinery exports to the US decreased 23 percent in the second quarter from last year. Meanwhile, business to China fell only 7.9 percent between April and June. "In the People's Republic we are observing an extremely robust economic recovery, especially in industry," Wiechers said. "This in turn benefits some mechanical engineering sectors, which are recording significant growth in exports to the People's Republic."

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