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German machine tool orders down 2% in May
According to a report on the official website of the German Machinery and Equipment Manufacturing Federation (VDMA) on July 1, due to the decline in domestic demand in Germany, German machine tool orders fell by 2% in May compared with the same period last year, of which domestic orders fell by 4%, while export orders fell by 4%. flat. In the past three months, foreign orders edged up 1 percent, while domestic orders fell 2 percent, the VDMA said. Machine tool manufacturing and export are an important part of German industry. Despite the recent drop in orders, VDMA chief economist Ralph Wiechers said: 'The association remains confident in achieving its target of a 2 percent increase in exports this year. He believes that Greece is not an important market for VDMA, accounting for only 0.2% of the total export share last year, which has little impact on Germany.