The German manufacturing industry continued to benefit from strong foreign demand despite the rise of the euro, economists said Oct. 8. German manufacturing orders rebounded by 1.2% in August on a monthly basis following a decline of 6.1% in July, economy ministry figures showed.
Driving the August rebound was a 2.4% increase in foreign orders, despite the euro's gain in value against the dollar and yen. Orders from outside the eurozone were up by 3.5% well ahead of the 1.0% increase in orders from Germany's eurozone partners. Domestic orders edged up by just 0.1%.
But the 2.4% August increase in foreign orders followed a steep 10.8% decline in July, and surveys point to some weakness in orders in the months ahead.
Orders were up 4% on a 12-month basis in August.
Copyright Agence France-Presse, 2007