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By Maria Martinez
German manufacturing orders rose in July, reaching the highest level since the beginning of the series in 1991.
Manufacturing orders increased 3.4% on month in July in adjusted terms, following a revised 4.6% increase in June, according to data from federal statistics office Destatis released Monday.
Economists polled by The Wall Street Journal had expected orders to drop 0.2% on month in July.
The marked on-month increase was caused by major orders, Destatis said. Excluding major orders, there was a decline of 0.2% in manufacturing orders in July.
Domestic orders decreased 2.5%, while foreign orders went up 8.0% on month, Destatis said. New orders from the eurozone decreased 4.1% and new orders from other countries rose by 15.7% compared with June.
On an annual basis, orders rose 24.4% in July, adjusted for calendar and price effects. They were 15.7% higher compared with levels in February 2020, which was the last month before the pandemic hit Europe, the statistics office said.
Manufacturers of intermediate goods had new orders decrease 0.5% compared with June, while manufacturers of capital goods had an increase of 5.4% and manufacturers of consumer goods had a 7.5% rise.
The German manufacturing sector has performed strongly in recent months, fueled by external demand amid the global economic snapback from the pandemic. However, manufacturers are struggling with widespread supply shortages of parts and raw materials, which hinder production and drive up costs, according to recent surveys.
German industrial production data for July is due to be published Tuesday.
Write to Maria Martinez at [email protected]
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