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IMTS: German Machinery and Equipment Orders Up in 2010
Berlin/Chicago (ots) - Germany's machinery and equipment industry continues its rebound from the global downturn, posting a 48 percent increase in orders this July over last year's figures. Growth in 2010 has been driven by a combination of increased domestic demand and exports. Germany Trade & Invest will have representatives at the International Manufacturing Technology Show (IMTS) in Chicago from September 13-18 to introduce opportunities for companies in Germany's machinery and equipment industry.
Domestic orders increased by 38 percent and export orders were up 54 percent compared to the same period a year ago, according to the latest figures by Germany's Sector Association Machine Tools and Manufacturing Systems (VDMA). An average of the period from May to July 2010 records even higher figures - a 57 percent total increase, including 51 percent for domestic orders and 60 percent for export orders, according to the association.
With an overall turnover of EUR 161 billion in 2009, Germany's mechanical engineering industry remains the strongest in Europe with the market expected to grow in 2010. Machinery and equipment is one of Germany's largest industries, with over 6,100 companies along the value chain and more than 930,000 highly-skilled workers. The strength of the industry is driven by Germany's long engineering tradition, its position as a leader in technological development, and its diversified industrial base.
The combination of strong domestic demand and exports makes Germany an attractive business location for companies in this industry. Domestic demand for machinery and equipment is over EUR 100 billion annually. International enterprises located in Germany can therefore reach the largest domestic market in Europe and benefit from a long tradition of export strength. Germany remains the world's leading exporter in this industry with 19.2 percent share of the global trade in machinery and equipment, putting it ahead of Japan and the USA in 2009. With the world's top ranked infrastructure behind Hong Kong, according to a new World Economic Forum report, reaching customers across Europe is rapid and efficient.
Innovation is also a major factor for the industry. Annual R&D expenditures amount to over EUR 5 billion, making the M&E industry one of the most innovative industries in Germany. Twenty eight percent of the world's mechanical engineering patents are registered by companies based in Germany.
Germany Trade & Invest will have industry experts on hand to outline investment opportunities in Germany at this year's IMTS. The organization also invites potential partners from the German and American business communities to a German Night reception on September 14.
Germany Trade & Invest is the foreign trade and inward investment promotion agency of the Federal Republic of Germany. The organization advises foreign companies looking to expand their business activities in the German market. It provides information on foreign trade to German companies that seek to enter foreign markets.
Germany Trade & Invest
T: +49(0)30 200099-173
F: +49(0)30 200099-111