German mechanical engineering sector sees orders fall 12 pct in 2023

BERLIN, Feb. 2 (Xinhua) -- Germany's mechanical and plant engineering sector shows "no sign of a turnaround" after a 12-percent year-on-year decline in orders in 2023, the Mechanical Engineering Industry Association (VDMA) said on Friday.

"Looking at the trend curve, there are signs that foreign orders are bottoming out," VDMA chief economist Ralph Wiechers said. However, as domestic orders are "still on a downward trajectory," it is "clearly too early to sound the all-clear," he added.