27/6/11-Annual growth for German machine industry
27 June 2011
The German machine tool industry is once again approaching the revenue levels that it had before the credit crunch. This increase is mainly driven by exports to China and the USA. The demand in the USA is increasing by 70% annually, and while China’s growth remains high, it is beginning to level out, particularly in the automotive industry.
In the first three months of 2011, machinery and equipment production in Germany grew by 17.5%. Revenue for 2011 is currently projected at US$265 billion, confirming Germany’s position as the as the top European manufacturer. A fifth of the world’s trade in mechanical engineering is linked to Germany. Currently the industry is focusing on flexibility and innovation to increase its comparative advantage in the face of strong international competition.
“German mechanical engineering enjoys a global reputation for quality and precision. This manifests itself in the strong performance of Germany’s machinery and equipment players, which supply manufacturing industries world wide,” Marko Kolbe, machinery expert at Germany Trade and Invest in Berlin.
Germany Trade and Invest is the foreign trade and inward investment promotion agency of the Federal Republic of Germany. The organisation offers advice to foreign companies looking to expand their business activities within the German market.