Emerging markets still hungry for German machinery
Orders of German plant and machinery grew by 43 percent in November
Orders of German plant and machinery grew by 43% in November with demand in Asia leading the emerging markets.
Orders for exports leapt by 53%, way ahead of domsestic demand despite strong growth of 23 percent.
According to the German VDMA machine makers’ association, in the three months through November, demand rose 34% from the year-earlier period.
Previous months had seen machine tools starting to catch-up, but there has been acceleration in exports construction equipment, agricultural machinery and power plant. Although VDMA’s VDMA Chief Economist Ralph Wiechers said that orders were still down by 20% on 2008 levels.
For the year ahead, production of German machinery is expected to grow by 8%.