German manufacturing industry records less new orders in November

Source: Xinhua | 2020-01-09

Price and calendar adjusted new orders in Germany's manufacturing industry decreased 1.3 percent in November 2019 compared to the previous month, the Federal Statistical Office (Destatis) announced on Wednesday.

Although domestic orders increased by 1.6 percent, the manufacturing industry recorded 3.1 percent less new orders from international customers, Destatis noted.

New orders from the eurozone were even down 3.3 percent while those from other countries decreased 2.8 percent, according to Destatis.

Declining international orders would "reflect the overall weakness of the global economy," Michael Groemling with the German Economic Institute (IW) told Xinhua.

While manufacturers of intermediate goods in Germany recorded a 0.2 percent increase in new orders, manufacturers of capital goods such as machinery and equipment recorded a 2.1 percent decrease in new orders.

The German industry had "not achieved a turnaround" by the end of 2019, noted Groemling, adding that trade disputes and multiple geopolitical uncertainties would be "dampening global investment activity" and Germany's capital goods industry was "clearly feeling the effects."