German New Manufacturing Orders +1.2% M/M in February on Domestic, Euro Area Demand

8 April 2021

By David Barwick – FRANKFURT (Econostream) – German manufacturers reported a real, seasonally and calendar-adjusted increase in new orders in February of 1.2% on the month and 5.6% on the year, the German Federal Statistical Office announced on Thursday.

Excluding bulk orders, the increase was 1.5%. Although foreign demand posted a monthly drop of 0.5%, that was more than offset by a 4.0% increase in domestic orders. The weakness in foreign orders was due to a 2.3% decline outside the euro area, while new orders from within the region rose 2.7%.

Across types of manufactured goods, new orders for consumer goods sagged 1.9% on the month, but intermediate goods orders rose 0.5% and capital goods orders were up 2.1%.

The seasonally and calendar-adjusted index of new orders in manufacturing stood at 107.9 in February, the highest since December 2018. The index of domestic new manufacturing orders rose to 102.0, the highest since January 2019, while foreign orders weakened to 112.4 from January’s nearly three-year high.

The Stats Office revised down January’s monthly results for new manufacturing orders, which had been estimated as being up 1.4% but now stand at 0.8%.