The domestic and foreign machine tool markets both declined in October compared with the previous month

The initial data of machine tool orders released by the Japan Machine Tool Industry Association shows that from the perspective of domestic and foreign demand, the domestic and foreign machine tool markets in October 2010 both declined month-on-month. In October, Japan's domestic machine tool orders were 25.331 billion yen, down 6.6% from the previous month, but up 60.9% year-on-year. From January to October, the cumulative domestic booking was 245.029 billion yen, a year-on-year increase of 93.4%. In October, overseas machine tool orders were 54.819 billion yen, down 15.5% month-on-month, but up 75.9% year-on-year. From January to October, the accumulated overseas orders amounted to 538.028 billion yen, a substantial increase of 203.1% year-on-year. The financial crisis has caused a sharp decline in Japanese machine tool orders, but with the gradual recovery of the global economy, driven by the Asian market led by China, the recovery rate of Japan's overseas machine tool orders is significantly faster than the growth rate of Japanese domestic orders. At present, the number of overseas machine tool orders are close to pre-crisis levels. However, in recent months, Japan's domestic machine tool orders have continued to decline, and foreign market orders also dropped significantly in October, indicating that the current market demand is not stable, and there are still many uncertainties in the future development. It can be expected that Japanese machine tools will rebound sharply in 2010 compared with last year, but it will take a long time to recover to the level before the financial crisis.