Advertisement
Singapore markets closed
  • Straits Times Index

    3,224.01
    -27.70 (-0.85%)
     
  • S&P 500

    5,248.49
    +44.91 (+0.86%)
     
  • Dow

    39,760.08
    +477.75 (+1.22%)
     
  • Nasdaq

    16,399.52
    +83.82 (+0.51%)
     
  • Bitcoin USD

    70,601.41
    +412.87 (+0.59%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • FTSE 100

    7,952.37
    +20.39 (+0.26%)
     
  • Gold

    2,229.60
    +16.90 (+0.76%)
     
  • Crude Oil

    82.41
    +1.06 (+1.30%)
     
  • 10-Yr Bond

    4.1960
    0.0000 (0.00%)
     
  • Nikkei

    40,168.07
    -594.66 (-1.46%)
     
  • Hang Seng

    16,541.42
    +148.58 (+0.91%)
     
  • FTSE Bursa Malaysia

    1,530.60
    -7.82 (-0.51%)
     
  • Jakarta Composite Index

    7,288.81
    -21.28 (-0.29%)
     
  • PSE Index

    6,903.53
    +5.36 (+0.08%)
     

German engineering exports down 1.5% in 2019 - VDMA

Containers are seen at a terminal in the port of Hamburg

BERLIN (Reuters) - 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.

(Reporting by Riham Alkousaa; Editing by Michael Nienaber)