The volume of industrial orders in Germany in May decreased by 3.7% compared to the previous month, follows from the report of the Federal Bureau of Statistics. This is the most serious drop in the number of orders since the first lockdown in the country due to the COVID-19 pandemic. At the same time, analysts polled by Reuters expected this indicator to grow by 1%.
The main reason for the drop in the number of orders was a significant decrease in orders from abroad. While domestic demand increased by 0.9%, export orders decreased by 6.7% compared to the previous month. Moreover, within the EU, the drop in demand turned out to be only 2.3%, but the number of orders from other countries decreased immediately by 9.3%.
As explained by the German Ministry of Economy, a significant role in reducing the volume of industrial orders was played by the auto industry, which is almost the most suffering from the global shortage of microchips.