German electro and digital industry: new orders decreased by 13.5% in the first quarter


According to the ZVEI Business Cycle Report (May 2024 edition), in March 2024 the German electro and digital industry has once again collected significantly less new orders than a year earlier. Indeed, the decline in bookings by 17.8% has been the biggest shortfall in almost four years’ time. Domestic orders were especially hard hit. They failed their respective pre-year value by one-fourth in March (-25.7%). Bookings from foreign business partners fell by 11.1%. Here, new orders from euro zone clients were 10% down, while bookings from third countries came in 11.6% lower than the year before. In the full first quarter of this year, new orders decreased by 13.5% (again year over year). Bookings from domestic and foreign customers sagged by 15.2% and 12.1%, respectively. The value of new orders from the euro area dropped by 10.3% between January and March. Finally, bookings from third countries sank by 13.1% (year-on-year) in that period.