German factory orders slump in July as foreign demand weakens
Investing.com -- German factory orders fell 2.9% in July compared to the previous month, marking the third consecutive monthly decline and the largest drop since January, according to data released Friday by Germany’s statistics agency Destatis.
The decline was much steeper than expected, as economists polled by The Wall Street Journal had forecast a 0.7% increase. June’s factory orders had already shown weakness with a 0.2% decrease.
Foreign orders for German goods decreased by 3.1% in July, reflecting challenges in export markets amid rising trade barriers. Orders from within the eurozone saw an even sharper decline of 3.8%, despite being less likely to face tariffs. Domestic orders also fell by 2.5%.
The significant drop in factory orders highlights the growing pressure on Germany’s manufacturing sector as global trade faces disruption from increased tariffs.
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