Dhaka, Friday, 25 September 2020

German industrial orders slide in Jan

German industrial orders slide in Jan

Apparel Desk: Industrial orders in Germany slipped in January, official data showed Thursday, but officials said confidence in Europe’s largest economy should remain unclouded.

New contracts for industrial firms fell 3.9 percent month-on-month, federal statistics authority Destatis said, after a 3.0-percent increase in December.

The slide was slightly smaller if volatile orders for large items like aircraft were discounted from the calculation.

Both foreign and domestic business contributed to the slump, with

orders from abroad losing 4.6 percent and orders from within Germany 2.8 percent. Looking to different industrial sectors, consumer goods makers were the one bright spot with a 2.4-percent increase in contracts.

Meanwhile capital goods firms lost 5.0 percent and producer goods

makers 3.3 percent.

“Despite the retreat in January, industrial orders remain on an

upward trend,” the economy ministry in Berlin commented in a

statement. The government economists highlighted that comparing December plus January to the two previous months showed an increase in orders of 0.9 percent, driven by an increase in foreign business. And in a year-on-year comparison, January saw 8.2 percent more new contracts.

“International confidence indicators point to the global upturn continuing. Therefore, German industry should continue its positive

development,” the ministry said.