Germany's manufacturing slumps in October 2023

20 Dec '23

2 min read

Pic: Adobe Stock

Insights

Germany's manufacturing sector experienced a downturn in October 2023, with a 0.6 per cent month-on-month decline in real, price-adjusted stock of orders, as per Destatis.
The sector also saw a significant 5.9 per cent year-on-year decrease.
Unfilled foreign orders dropped by 0.9 per cent, and domestic orders slightly decreased by 0.1 per cent.

Germany’s manufacturing sector saw a downturn in October 2023, according to the provisional figures by the Federal Statistical Office (Destatis). The real, price-adjusted stock of orders in manufacturing saw a decline of 0.6 per cent month-on-month, following seasonal and calendar adjustments. This decrease marks a notable shift in the sector's dynamics compared to previous months.

The report further highlights a significant year-on-year decrease, with the calendar-adjusted stock of orders in October 2023 being 5.9 per cent lower than in the same month of the previous year.

A closer look at the data reveals a decrease in unfilled foreign orders by 0.9 per cent compared to September 2023, while domestic orders witnessed a marginal drop of 0.1 per cent, as per Destatis.

In terms of specific sectors within manufacturing, there was a mixed response. Producers of intermediate goods experienced a slight increase of 0.2 per cent in their stock of orders. Conversely, producers of consumer goods were not as fortunate, recording a decrease of 1.1 per cent in their stock of orders.

Additionally, the range of the stock of orders across the entire sector decreased to 6.9 months in October 2023, down from 7 months in September. However, producers of intermediate goods saw their stock of orders' range increase marginally to 3.8 months from 3.7 months in September. Meanwhile, for producers of consumer goods, the range of stock orders remained unchanged at 3.4 months.

Fibre2Fashion News Desk (DP)

More Federal Statistical Office Germany News... More Textiles News - Germany...