(MENAFN)
The Mechanical Engineering Industry Association (VDMA) said on Friday that the machine makers in Germany saw their orders intake drop 4 percent in February compared to a year earlier.
Ralph Wiechers, VDMA chief economist, said that "The real extent of the consequences of the coronavirus pandemic in the mechanical engineering sector will only become apparent in the order figures for March and the following months," adding that "this is the calm before the storm."
The global orders only declined 3 percent as the domestic customers orders dropped 6 percent, the VDMA said.
The data also showed that the Eurozone countries increasing demand, which rose 5 percent, has managed to partially compensate to the non euro zone contries decline of 7 percent.
VDMA Executive Director Thilo Brodtmann said that the liquidity is important for suvival during the outbreak of coronavirus, he said that "we appeal to all banks to pool their resources even more to provide the industry with liquidity in the crisis".
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