Strong foreign demand lifts Germany’s July industrial orders

06.09.2021 - Korneychuk Evgeniya
Strong foreign demand lifts Germany’s July industrial orders

Germany’s industrial orders surprisingly increased in July based on official data released on Monday. Its latest figure touched a post-reunification high, indicating a strong start to the second half.

The Federal Statistics Office posted a seasonally adjusted 3.4% gain in orders for goods ‘Made in Germany’. It was better than analysts’ projection of a 1.0% increase in the same month.

The report highlighted a drop of 2.5% in domestic orders and an 8.0% surge in foreign orders.

Orders in Europe fell 4.1%, while it soared 15.7% from the rest of the world. The increase was owed to large orders from the shipbuilding sector.

However, economist Bastian Hepperle of Bankhaus Lampe said Germany’s development was disappointing, with a lot of order backlogs and order books still well-filled. German manufacturers labored to meet high demand due to supply shortages in raw materials and components.

Meanwhile, the government sees an economic growth of 3.5% this year and 3.6% next year, but supply constraints and mounting COVID-19 cases are causing businesses to be pessimistic.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.net or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue
×

Help with deposit?