By Maria Martinez
German manufacturing orders increased in July, reaching the highest level since the series began in 1991.
According to data from the Federal Statistical Office of Statistics Destatis released on Monday, manufacturing orders increased by 4.6% in June and then 3.4% in July, with adjusted terms.
Economists polled by The Wall Street Journal expected monthly orders to drop 0.2% in July.
According to Destatis, the significant monthly increase is due to major orders. Excluding major orders, manufacturing orders fell 0.2% in July.
Domestic orders fell 2.5% and overseas orders increased 8.0% last month, according to Destatis. Compared to June, new orders from the Eurozone decreased by 4.1% and new orders from other countries increased by 15.7%.
On an annual basis, July orders increased by 24.4%, adjusting for calendar and price impacts. According to the Statistics Bureau, it was 15.7% higher than the level in February 2020, which was last month before the pandemic hit Europe.
Intermediate goods manufacturers saw a 0.5% decrease in new orders compared to June, while capital goods manufacturers increased 5.4% and consumer goods manufacturers increased 7.5%.
The German manufacturing sector has been performing strongly in recent months, supported by external demand amid the global recession from the pandemic. However, recent research shows that manufacturers are suffering from a widespread shortage of parts and raw materials, which hinders production and pushes costs up.
German industrial production data for July will be released on Tuesday.
Write to Maria Martinez at firstname.lastname@example.org
German manufacturing orders reached record highs in July
Source link German manufacturing orders reached record highs in July