May 4, 2018 / 8:03 AM / 6 months ago

German engineering orders fall in March on weak foreign demand

    BERLIN, May 4 (Reuters) - German engineering orders fell by
4 percent in March from a year ago on weak foreign demand, the
VDMA industry group said on Friday, adding that the decline was
no reason for alarm given that overall demand in the
first-quarter remained strong.
    Demand from domestic customers rose by 3 percent in real
terms and foreign orders fell by 7 percent, VDMA said. Euro zone
order were 2 percent lower and demand from countries outside the
single-currency bloc slumped by 8 percent.
    In the less volatile January-March comparison, orders were
up 7 percent on the year, VDMA said. Domestic demand surged 9
percent and foreign orders edged 6 percent higher.
    "Despite the decline the results for March are entirely
respectable," said VDMA economist Olaf Wortmann. 
                   
       MARCH 2018               CHANGE 
         overall                -4 pct
     of which German            +3 pct
     foreign orders             -7 pct
        JAN-MARCH                  
         overall                 +7 pct
     of which German             +9 pct
     foreign orders              +6 pct
 
 (Reporting by Joseph Nasr
Editing by Maria Sheahan)
  
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