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German Machine Tool Orders Rise in March

German Machine Tool Orders Rise in March

Rising foreign demand boosted Germany's key mechanical engineering sector in March, the VDMA industry federation said Wednesday.

The manufacture of machine tools is a key driver of German industry and exports.

In March, overall incoming orders rose by 4% compared with the same month a year earlier, VDMA said in a statement.

Domestic orders inched 1% higher and export orders jumped by 6%, VDMA added.

Making a three-month comparison to iron out short-term fluctuations, VDMA said overall orders rose by 2% in the period from January to March. 

Foreign orders increased by 3% in the first quarter, while domestic orders slipped by 2%, VDMA calculated.

"Exports set the pace again in March, while domestic orders rose only slightly," said VDMA's chief economist Ralph Wiechers. 

Nevertheless, the sector had not experienced a real upturn just yet. 

"The low exchange of the euro is not yet having a real effect," Wiechers said. 

Copyright Agence France-Presse, 2015

TAGS: The Economy
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