According to a report released by the German Machine Tool Builders' Association (VDW), in 2012 the value of incoming orders received by German machine tool industry manufacturers was down 10 percent, exceeding €15 billion, compared to 2011 which had seen a historical record volume of €16.9 billion. The VDW said that the decrease in value was quite moderate in view of indications during the early part of the year.
However, machine tool exports of the German machine tool industry maintained their growing trend in 2012. Despite sharp declines in momentum from quarter to quarter, the industry posted a total volume of nearly €9.6 billion, which represented a 20 percent increase over the level of the previous year. The record value of the pre-crisis peak year of 2008 was exceeded by more than €1.3 billion. The driving force behind this export growth in 2012 was trade with America, with a 33 percent year-on-year increase.
The growth rate of production activity in the machine tool industry declined in 2012 compared to the 31 percent year on year growth recorded in 2011, nevertheless achieving a cumulative nine percent increase for the full year.
For the current financial year, the VDW expects very moderate growth potential in production and exports of about one percent each.