German Machine Production Driving Global Growth
Machine building in Germany is approaching record revenue levels achieved before the crisis. This boom is driven largely by exports to places like China and the USA. Demand for machinery in the US is up 70% year over year, and China''s growth remains high but is leveling out, especially for carmakers. Germany Trade & Invest has this information and more in a number of new publications on machinery and equipment developments worldwide.
"German mechanical engineering enjoys a global reputation for quality and precision. This manifests itself in the strong performance of Germany''s machinery and equipment players, which supply manufacturing industries worldwide," said Marko Kolbe, machinery expert at Germany Trade & Invest in Berlin.
In the first three months of 2011, machinery and equipment production in Germany grew by 17.5%. Revenue for 2011 is currently projected at 265 billion dollars, confirming Germany''s position as the top European location for this industry. A fifth of world trade in mechanical engineering points back to Germany. Currently the industry is focusing on flexibility and innovation to increase its comparative advantage in the face of strong international competition.
To read more on Germany''s machinery and equipment industry, Germany Trade & Invest''s latest publication is available online. For information about how other countries stack up against Germany, new analyses of the machinery sectors in the USA, China, Turkey, and Russia are available at gtai.de.
Germany Trade & Invest is the foreign trade and inward investment promotion agency of the Federal Republic of Germany. The organization advises foreign companies looking to expand their business activities in the German market. It provides information on foreign trade to German companies that seek to enter foreign markets.
Germany Trade & Invest
Source: Germany Trade and Invest