VDW
22 percent fewer machine orders
The VDW reports a 22% drop in incoming orders for the second quarter of 2019. Compared to the same period last year, domestic orders fell by 28%, while orders from abroad fell by 18%. In the first half of 2019, incoming orders fell by 21%.
The German Machine Tool Builders' Association VDW reports a 22% decline in order intake for the second quarter of 2019 compared to the same period last year. Looking at the first half of the year, machine orders fell by 21%. The domestic market was down 19 percent and the international market 23 percent. According to Dr. Wilfried Schäfer, Executive Director of the VDW, the base effect can no longer hide the fact that investments in mechanical and plant engineering are declining worldwide, Schäfer continued.
The reasons for the decline in the machine tool industry can be found in the turbulent global economy. "We are in good company among international suppliers. Orders for machine tools have collapsed worldwide. Many countries are now having to pay the price for what international politicians are doing on a daily basis," says Schäfer.
As a pure supplier of capital goods and equipment to industry, the machine tool industry is exposed to pressure from the weak demand from its largest customer sectors, the mechanical engineering and automotive industries, which are additionally unsettled by the long-delayed transformation process towards new drive technologies and are cutting back on investments.
Within the triad, the Europeans are still holding up best. Orders from eurozone countries "only" fell by 5% in the first six months, while orders from non-eurozone countries fell by 28%.
In the first quarter alone, incoming orders slumped by just over a fifth. However, the weak order intake contrasts with an extremely successful previous year.
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