Germany’s March ’24 manufacturing orders dip 0.4%
Germany’s manufacturing sector experienced a 0.4 per cent month-on-month decrease in real new orders during March, marking a 4.3 per cent drop compared to the previous three months, the Federal Statistical Office (Destatis) reported on Tuesday.
Despite varying sector trends, new orders in March rose by 0.1 per cent from February when excluding large-scale orders.
The manufacture of other transport equipment sector saw a 2.3 per cent decrease in new orders, while the automotive industry and the manufacture of electrical equipment reported increases of 1.1 per cent and 5.9 per cent, respectively.
New orders for capital goods and intermediate goods fell by 0.4 per cent, but the consumer goods sector saw a 0.7 per cent increase. Foreign orders rose by 2.0 per cent, driven by a 10.6 per cent increase in orders from the euro area. However, orders from the non-euro area and domestic orders dropped by 2.9 per cent and 3.6 per cent, respectively.
Real turnover in manufacturing was down 0.7 per cent in March 2024 compared to the previous month and 3.9 per cent lower than in March 2023. After revision, there was a 1.1 per cent increase in February 2024 compared to January 2024.
The monthly figures for new orders and turnover from January 2023 onwards have been revised as of March 2024, with significant adjustments made to the turnover index due to corrected data from the automotive industry.
