The less volatile three-month comparison from May to July 2023 indicated a 3.1 per cent rise in new orders over the prior three months. When excluding large-scale orders, the figures showed a modest 0.3 per cent increase in July 2023 compared to June 2023.

Notably, the presence of a large-scale order in June 2023 led to a staggering 54.5 per cent decrease in new orders in this category in July 2023. In June, these orders had risen by 72.4 per cent compared to May 2023, as per Detstatis.

By sector, new orders for intermediate goods saw a 4.5 per cent decrease, and consumer goods orders fell by 8.2 per cent. Foreign orders took a significant hit, falling by 12.9 per cent overall. This comprised a 24.4 per cent decline in orders from the euro area and a 4.1 per cent decrease from the rest of the world. Domestic orders also fell sharply, declining by 9.7 per cent in July.

In terms of turnover, the manufacturing sector saw a 1 per cent MoM drop in real turnover in July 2023, although the calendar-adjusted turnover was 1.4 per cent higher than in July 2022. After revising provisional data, the turnover in June 2023 was down 1.4 per cent from May 2023.

Fibre2Fashion News Desk (DP)