German industrial orders fell 0.5% in May - ministry

07 July 2010 16:17  [Source: ICIS news]

TORONTO (ICIS news)--Germany’s industrial orders fell 0.5% in May from April, after a revised increase of 3.2% in April from March, the country’s economics ministry said on Wednesday.

However, despite May’s decline, industrial orders continued on an upward trend and industrial production in Europe’s largest economy was recovering, the ministry said.

The ministry attributed May’s decline to a fall in “big ticket” orders that resulted in declines in the metals industry.

On a two-month sequential comparison – April/May compared with February/March – orders rose 5.6%, the ministry said.

Compared with April/May 2009, orders rose 27.3%.

In related news on Wednesday, Germany’s chemical industry trade group VCI said that the country's industrial orders had been increasing in the past several months, which translated into higher demand for chemicals from customers in the automobile, electrical, paper, metal and construction sectors.

German chemical production rose 13% in the first half of 2010, compared with the first half of 2009.

However, the Frankfurt-based group said it expected production to grow at a slower pace in the second half of 2010. The group maintained its earlier forecast of 8.5% full-year 2010 chemical production growth.

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