Development of new manufacturing orders in March 2024
© Monty Rakusen/cultura/Corbis
According to figures of the Federal Statistical Office1, new manufacturing orders fell slightly compared to the preceding month (-0.4%), adjusted for calendar days, price and seasonal fluctuations. There had already been a decline in February (revised: -0.8%). While there were fewer domestic orders (-3.6%), orders from abroad increased (+2.0%), which was due to a significant rise in demand from the eurozone (+10.6%). By contrast, there was a -2.9% drop in orders from the non- eurozone.
The individual branches within the manufacturing sector saw differing developments: the sharpest declines were recorded by the metal products (-4.5 %), metal production (-3.5 %) and other vehicles (-2.3 %) sectors. However, the clothing (+7.0%) and electrical equipment (+5.9%) industries recorded significant growth rates. The important automotive industry also reported an increase in orders (+1.1%).
In recent months, the overall trend in new orders was repeatedly dominated by large orders. Adjusted for these fluctuations, there was a slight increase of 0.1% in the month of March. In the course of the expected recovery in domestic and external demand, new industrial orders are also likely to trend upwards again as the year progresses. This is also indicated by the gradual improvement in sentiment indicators such as the ifo business climate and the purchasing managers index.
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1 Press release by the Federal Statistical Office of 7 May 2024
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