German engineering exports will likely fall further in 2020 after dropping 1.5% ...
FILE PHOTO: Containers are seen at a terminal in the port of Hamburg, Germany November 14, 2019. REUTERS/Fabian Bimmer
BERLIN - German engineering exports will likely fall further in 2020 after dropping 1.5% in real terms in 2019, engineering industry association VDMA said on Thursday. VDMA said the mechanical engineer sector could not escape the impact of a weak industrial production worldwide, adding that international trade disputes, protectionism, Brexit and structural changes in the auto industry hit exports.
“In view of the current mechanical engineering orders, a renewed decline in exports is likely for 2020 as a whole,” VDMA economic expert Olaf Wortmann said in a statement. Coronavirus impact on exports to China cannot yet be estimated, but the virus risk will not alter the importance of the Chinese market to German engineering companies, VDMA added.
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