German machinery exports dip, burdened by China – VDMA
BERLIN (Reuters) – Exports of German machinery and plant machinery fell by 2.8% in real terms in the first nine months of this year as COVID restrictions in China weighed on business there, the VDMA engineering association said on Tuesday.
In nominal terms, exports rose 4% in the first nine months. The strong dollar buoyed demand from the United States, with exports to the U.S. market up a nominal 19.4% .
“Machines and plants from Germany are in demand in the USA. The weak euro strengthens price competitiveness in this growth market,” VDMA chief economist Ralph Wiechers said in a statement.
However, exports of machinery and plant machinery to China fell a nominal 2.8% in the first nine months.
“Industrial activity in China stabilised slightly in the third quarter, after a sharp decline in the second quarter due to the lockdowns in Shanghai and other provinces,” Wiechers said.
(Writing by Paul Carrel; Editing by Madeline Chambers)