CAPTION: Germany was responsible for more than 11 per cent of global turnover in the machinery sector. (picture alliance/Stefan Sauer/dpa-Zentralbild/dpa/archive)
Germany's machinery sector retained its position as the world's third largest in 2018, posting turnover of 297 billion euros (337 billion dollars), the Mechanical Engineering Industry Association (VDMA) reported in Frankfurt on Wednesday.
Germany was responsible for more than 11 per cent of global turnover in the sector in 2018, which rose 4 per cent over the year to 2.6 trillion euros.
VDMA chief economist Ralph Wiechers predicted difficulties ahead. "We will probably see the consequences of trade conflicts and Brexit only this year, as a result of the long lead times in machinery making," Wiechers said.
China held its position as the lead country in the sector, a position it has held since 2009. Chinese turnover totalled 856 billion euros, implying a rise of 7 per cent on the year on a euro basis.
The United States was in second position, followed by Germany, Japan and Italy, with the top five accounting for 72 per cent of turnover in the sector.
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