Manfred Wittenstein, president of the German Federation of Machinery and Equipment Manufacturing (VDMA), said that “the fourth quarter of 2008 was the worst quarter since 1958.†According to the industry’s forecast, due to the economic downturn The impact on machine tool orders at home and abroad, the value of machine tools used to produce consumer goods will fall another 7% this year. However, between different segments of the machine tool manufacturing industry, it is expected that the situation will be very different.
According to VDMA, new orders for machine tools in December 2008 were down 40% from December 2007; orders for the fourth quarter of 2008 were down 29% from the same period last year. It can be seen from the initial signs of a sharp economic downturn.
From the perspective of the whole year of 2008, the German machine tool manufacturing industry has withstood the adverse effects of the weak global economic trend. The sales value of machine tool products reached 194 billion euros (about 250 billion US dollars), with a growth rate of 5.4%. The industry has added 40,000 jobs.
In 2008, the export value of German machine tools hit a record high, an increase of 8% over 2007. In particular, exports to developing countries have grown strongly, with major markets including Brazil, China, India and Russia (the so-called “BRICâ€).
Like cars, machine tools are Germany's main export products. Last year, Germany maintained its position as the world's largest machine tool exporter (in terms of the dollar value of manufactured goods).
At present, the German economy is in the midst of the worst recession in recent decades. According to German official forecasts, the German economy will fall further by 2.25% in 2009 after a sharp fall last year.
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