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Market conditions: Despite slowdown, German machine makers await solid 2008

The VDMA, the acronym for Germany’s trade group of machinery manufacturers, notes that after a record production year in 2007 and good orders booked in the first quarter of this year, the financial turbulence that is engulfing some industries, including building/construction and finance, has reared its head in the capital goods markets, with Germany’s plastics processing machinery manufacturers seeing a drop-off in orders in the second half of this year, albeit from the record level set in 2007.

The VDMA, the acronym for Germany’s trade group of machinery manufacturers, notes that after a record production year in 2007 and good orders booked in the first quarter of this year, the financial turbulence that is engulfing some industries, including building/construction and finance, has reared its head in the capital goods markets, with Germany’s plastics processing machinery manufacturers seeing a drop-off in orders in the second half of this year, albeit from the record level set in 2007. For January-June 2008 orders dropped by about 7% from the record level set in 2007, though exports this year did increase by 12.2%, mostly due to strong demand in the European Union and Asia. Despite signs of a slowdown, the group still says it expect sales (combined at its members) to come in this year about 8% higher than in 2007. The outlook for 2009 is not as rosy as orders in the second half of 2008 have slowed.

TAGS: Business
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