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Financial News: Japan Machine Tool Orders Plunge 20.6%

Japan Machine Tool Orders Plunge 20.6%

11/13/2023 - 02:48:00 (RTTNews)

(RTTNews) - Japan's machine tool orders declined for the tenth straight month in October and at a faster pace due to weak domestic and foreign demand, preliminary data from the Japan Machine Tool Builders Association, or JMTBA, showed Monday.

Machine tool orders fell 20.6 percent year-on-year in October, which was worse than the 11.2 percent decrease in the previous month.

Domestic demand was 24.5 percent lower in October compared to last year, and foreign orders contracted 18.8 percent.

On a monthly basis, machine tool orders tumbled 16.4 percent in October, in contrast to a 16.7 percent surge in the prior month.

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