‘India’s machinery import from Germany grew 2.2 % in 2024’-OxBig News Network

Adjusted for prices, Germany’s machinery exports were 7.1 % below the previous year’s level. File
| Photo Credit: Reuters

India’s import of machinery and equipment from Germany in 2024 increased 2.6% to 4,298 million Euros, according to VDMA, an organisation for the machinery and equipment manufacturing industry in Germany and Europe.

India constitutes 2.2% of Germany’s total export of machinery and equipment.

However, export of machinery from India to Germany fell 4.9% in 2024 compared with the previous year.

“German machinery and equipment manufacturing companies exported goods worth 199.6 billion Euros in 2024, which was 5% (nominal) lesser than the exports during 2023,” VDMA said in a press statement. Adjusted for prices, machinery exports were 7.1 % below the previous year’s level.

Germany’s export of machinery and equipment declined 2.1% and 4.5% to the U.S and China respectively. Nevertheless, exports to Mexico rose by 5.4% in 2024, while exports to India increased by 2.6%.

“The global mechanical engineering industry is facing ongoing economic and structural challenges and geopolitical tensions that are dampening global demand for machinery and equipment,” said VDMA Chief Economist Ralph Wiechers.

“Where structural reforms are taking effect, investments are being made in infrastructure projects or increasing economic diversification is being tackled, machinery and equipment manufacturing companies [in Germany] can continue to benefit from growing demand,” he added.