German machinery manufacturing upgrades production forecast for 2011

Linda, chairman of the German Machinery and Equipment Manufacturers Association (VDMA), announced at the Hannover Industrial Exhibition that the industry's output growth rate will be raised from 10% to 14% this year. The main reason for the increase was: on the one hand, the Federal Statistical Office revised the production index for 2010 upwards; on the other hand, the industry's production level at the beginning of 2011 was better than expected. In January 2011, the industry's output value increased by 23.6% year-on-year, and orders in February increased by 38% year-on-year, of which domestic orders increased by 40%, exceeding the 37% increase in foreign orders.

In 2010, German machinery and equipment manufacturing exports amounted to 125 billion euros, an increase of 11.5%. Among them, exports to China increased by 34.7%, accounting for about one-eighth of total exports, and exports to Turkey and Brazil increased by 32.7% and 30% respectively.

At the same time, neighboring countries in Germany have also benefited from their economic growth. In 2010, German machinery manufacturing imports totaled 45.9 billion euros, an increase of 17.5% year-on-year, and continued to maintain its position as the largest importer of machinery and equipment in Europe. Of the German imports of machinery and equipment, 59.6% of imports (27.4 billion euros) came from the European Union, of which imports from Italy were 4.5 billion euros, ranking first in the EU; imports from Asia were about 8 billion euros, up 33.7% year-on-year. Imports from China reached 2.9 billion euros, an increase of 33.1%; imports from the United States amounted to 3.9 billion euros, an increase of 28.5%.
 

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