Exports Sustaining EU Machine Tool Builders
Resource from: ThomasNet Industrial Likes:118
Jun 08,2013
European machine tool shipments grew 6% in value during 2012 over the previous year, increasing to #8364;22.2 billion. However, the region’s machine tool builders continued to rely heavily on exports for growth, as “business confidence” deteriorated in the European market.
The information was released by CECIMO, the European Association of the Machine Tool Industries, which also forecast that global demand would drive a 15% increase in new machine tool orders this year, to #8364;22.5 billion (or $29.5 billion).
CECIMO is a consortium of 15 national associations of machine tool builders, representing approximately 1,500 industrial enterprises in the E.U., European Free Trade Assn. (EFTA), and Turkey, and covers more than 97% of total machine tool production in Europe and more than 33% worldwide.
Of the total 2012 shipments, exports amounted to #8364;18.8 billion ($24.6 billion) during 2012, or about 85% of the total shipments. That was a 9% increase over 2008, a record-setting year for CECIMO’s machine tool shipments.
By contrast, European machine tool consumption contracted about 2% during 2012 versus 2011. “The sluggish consumption in Europe is becoming a worrying trend for European machine tool builders, despite the market success that they enjoy in emerging markets,” CECIMO stated.
The group noted that since the economic crisis in 2008-2009, machine tool manufacturers in the region had suffered from tightening credit availability and increasingly restricted access to financial resources.
“The economic uncertainty suppresses investment activity of companies and, at the same time, the financial institutions apply lending criteria that exclude small and medium-sized machine tool enterprises from their portfolios, because of the highly cyclical nature of their performance,” it stated.
(ThomasNet Industrial)
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