Germany’s industrial orders fell sharply in July
- September 13, 2023
- Posted by: Quatro Strategies
- Categories: Europe, Rare Earths & Commodities
Germany’s industrial orders fell more than expected in July, declining by 11.7% on a seasonally and calendar-adjusted basis compared to the previous month, according to data from the federal statistics office. This drop followed a sharp gain in the aerospace sector in June, which had posted an unexpected increase of 7.6%. The decline in July was attributed to the large order in air and spacecraft manufacturing the month before.
Analysts cited weakness in the global economy as a key factor contributing to the trend. They noted that Germany’s industrial sector is heavily influenced by the state of the global economy, which is currently facing challenges.
The data reflects ongoing uncertainty in the industrial sector, with some economists suggesting that a turnaround is not imminent due to the weak global economy and high energy costs. Despite the monthly fluctuations, industrial orders in Germany showed a 3.1% increase in the three-month comparison from May to July compared to the previous three months.
The industrial sector remains a critical component of Germany’s economy, and fluctuations in orders can have a significant impact on the country’s economic performance. As such, economists will continue to closely monitor developments in the industrial sector for signs of stabilization and recovery.
Interested in learning more?
Sign up for Top Insights Today
Top Insights Today delivers the latest insights straight to your inbox.
You will get daily industry insights on
Oil & Gas, Rare Earths & Commodities, Mining & Metals, EVs & Battery Technology, ESG & Renewable Energy, AI & Semiconductors, Aerospace & Defense, Sanctions & Regulation, Business & Politics.
Read more insights
India’s Reliance planning direct oil sales discussion with Venezuela’s PDVSA
Indian refiners have resumed their purchases of Venezuelan oil through intermediaries, marking a renewed relationship between the South American country and the second-largest destination for its oil after the temporary easing of U.S. sanctions in October. Reliance, one of the major…
China plans $7 billion polysilicon shutdown fund to end solar price war
China’s polysilicon industry, the critical upstream segment of the global solar supply chain, is preparing for a sweeping consolidation effort that could reshape the global market. GCL Technology Holdings, one of China’s top producers, revealed this week that major industry players are in advanced talks to establish a 50 billion yuan ($7 billion) fund aimed at acquiring and permanently shutting down at least a third of China’s polysilicon production capacity.
The effort, likened by GCL to an “OPEC for polysilicon,” would represent one of the strongest actions yet in response to Beijing’s crackdown on industrial overcapacity and price wars, which have devastated margins across sectors including solar, EVs, and semiconductors.
European auto giants target lower EV costs to compete with China
Major U.S. and European auto manufacturers are intensifying efforts to reduce the costs of electric vehicles (EVs) to make them more affordable and competitive with fossil-fuel models, industry executives revealed on Thursday. Companies like Europe’s Stellantis and Renault, as well as U.S. giants…