The export-oriented machinery and plant engineering industry experienced a setback last year. According to preliminary calculations by the Federal Statistical Office, the value of exports decreased by five percent compared to the previous year, as reported by the industry association VDMA. Adjusted for prices, exports were even 7.1 percent below the previous year's level.
The largest single sales market, the USA, remained comparatively stable, with losses amounting to only 2.1 percent. Companies did significantly less business in the European domestic market (EU-27), which fell by 8.5 percent to a share of 43.3 percent. Most imports of machinery and equipment again came from China.
VDMA Chief Economist Ralph Wiechers once again warned of a trade war with the USA, which would only produce losers on both sides. The EU is urged to avoid a tariff dispute with its most important trading partner. The VDMA hopes for a stabilization and a tentative recovery of global demand based on "first, still vague indications." Opportunities are particularly offered in digitalization and sustainable technologies.
