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Industrial orders jump on foreign demand
Photo: DPA

Industrial orders jump on foreign demand

Published: 06 Dec 2012 14:31 GMT+01:00
Updated: 06 Dec 2012 14:31 GMT+01:00

A surge in demand for German-made goods outside the euro area enabled industrial orders in Germany to notch up their highest growth in nearly two years, new data showed on Thursday.

The Economy Ministry said in a statement that industrial orders jumped by 3.9 percent in October from September, following a 2.4-percent drop the previous month. Analysts polled by Dow Jones had been penciling in a much more modest increase of 1.0 percent.

The increase -- the biggest since January 2011 -- was primarily due to a 6.7-percent rise in export orders, with orders from outside the eurozone soaring 8.5 percent, the ministry explained. Domestic orders in contrast edged up by 0.4 percent.

The rise in demand was seen across all sectors, with orders for semi-finished goods up 3.4 percent, orders for consumer goods rising 2.1 percent and capital goods orders advancing by 3.4 percent, the data showed. Taking September and October together, industrial orders slipped by 0.9 percent, the ministry calculated.

ING Belgium economist Carsten Brzeski said the stronger-than-expected data showed that "at least in Germany, green shoots seem to sprouting during the winter. If this trend continues, the current growth worries for the eurozone's biggest economy could turn out to just be a tempest in a teacup."

Natixis economist Constantin Wirschke similarly found the numbers "quite impressive," especially because the ministry noted that they had not been swelled by a disproportionate amount of big-ticket orders. But Wirschke said he remained cautious.

"Despite the jump in orders, we are still not overly optimistic for the fourth quarter as the economic headwinds of the euro crisis persist," he said.

Annalisa Piazza of Newedge Strategy agreed. "We don't expect manufacturing activity to show signs of sustainable improvement any time soon. Certainly today's data represent a good start for manufacturing production in the fourth quarter, but we are still sceptical on the sustainability of the recovery and we still see risks of negative fourth-quarter GDP (gross domestic product)," she said.

AFP/mry

The Local (news@thelocal.de)

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Your comments about this article

05:20 December 7, 2012 by honeybeee
Is this the sign of the europe economic recovery soon or just only the specific for Germany because Germany products have long lasting good reputations worldwide? Whatever it is , it should be the good omen coz at least Germany is still very firmly strong in this current economics storm ,what¦#39;s the secret inside? The answer is no doubtly product quality to cycle the production to go sustainably and further.Auto manufacturers are no doubtly the key economics pillar of Germany and it successively prompts auto-parts makers production ,that really become a good beneficial economic cycle,whereas Continental Ag has an amazing performance in 2012 to show up on DAX index again and their main shareholder Germany family-owned car parts supplier Schaeffler Ag as well ,although the whole world¦#39;s economical downturn definitely have an impact toward them too ,they still recruited more employees , especially toward Schaeffler , recently they heavily invested new plants abroad including India and hungary subbranch to sustain their own high speed development.
09:04 December 7, 2012 by Berlin fuer alles
Honeybeee your google translation makes no sense. This is looking like a temporary increase which would not exist anyway if it was not for the weak Euro Germany is being kept afloat with. Don't order the champagne yet. Dr. Merkyl and Mr. Hyde is still on the prowl and making sure no exports to other EU countries will take place for a long time. She hasn't managed yet to kill the rest of the world exports as she has no control over their economies.
12:09 December 7, 2012 by smart2012
guys, pre-election propaganda is starting. Jump from previous month, when previous month was badly down... Compare to last year month... Ah ah.

And honeybee is contraddicting himself.. Germany is bla bla bla, and then he states "recently they heavily invested new plants abroad including India and hungary subbranch to sustain their own high speed development."

My friend, did i read it right, u sdaid they invested in Hungary and India... that what u miss, they are NOT ionvesting in Europe my friend. This is the problem of Europe and Germany, and this is why in the next 3-5 years company in Europpe will cut jobs, to invest in Asia..

and then see Buba prediction, which I tend to agree
22:47 December 7, 2012 by PNWDev
Great, two of the first three posts again by @smartguy and his alias @local second account.

Hey @smartguy, does your wife not let you talk at home? Is that why you sneak to the library and post your senseless ramblings?
11:48 December 8, 2012 by smart2012
Pnwdev, me and berlin fur alles are two different persons.. If u track me, u should know that I live in Munich, so my second account should have been Munich fur alles eventually :)

Btw, u do not reply to our comments, maybe cause u cannot defend anymore your theory of Deutschland über alles? ;)
18:56 December 9, 2012 by raandy
When you read these stats one must ask, Why does Germany need the EU, The EU is never going to function on the same economic level as Germany.Germany is always going to be the banker and expected to solve other weaker economies financial woes by buying their debt ridden bonds.
03:19 December 11, 2012 by honeybeee
Hi, Berlin fuer alles ,my dear friend , seems u have no much confidence just like your over convinced government who believe only Germany can solve all eu problems and lead eu to have a bright future . In fact , I think u r right , Germany its own is facing so many internal problems too , but which I indicate in my original comment ¦quot;invested in Hungary and India¦quot;, that¦#39;s just one of car-parts company called Schaeffler which I gave out citing an example to narrate how well many Germany companies like Schaeffler as well as Continental who can go on investing both inside and outside EU under such doomful economical situation, they can insist to be going on developing their own regardless of the tough environment.That¦#39;s the secret Germany¦#39;s economics can be strong at this point whatever how long it can be lasting !So don¦#39;t be overreact toward me, I just talk some truth !
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