FRANKFURT, Dec. 2 (Xinhua) -- Germany's mechanical engineering industry continued to experience weak order intake in October, reflecting cautious investment behavior among customers, according to a report released by the Mechanical Engineering Industry Association (VDMA) on Monday.
Orders received by German companies were nine percent lower compared to the same period last year, with overseas orders declining sharply by 14 percent. In contrast, domestic orders showed a modest increase of three percent, the VDMA noted.
For the first ten months of 2024, the sector saw an overall decline of eight percent in total orders year on year, underscoring a sustained trend of hesitancy in new investments.
"It remains that customers in mechanical engineering are very cautious with new investments," said Ralph Wiechers, Chief Economist of VDMA, highlighting the challenges facing the industry in a subdued economic climate. ■