German woodworking machinery industry sees significant fall in production and exports

The German woodworking machinery industry is grappling with a significant slowdown in production and exports, following a record-setting year in 2023. The VDMA German Woodworking Machinery Association has forecasted substantial challenges for 2024, citing a marked decline in incoming orders and projecting a recovery by early 2025. In 2023, the sector achieved a notable production record of Euro 4.2 billion, a 15% increase from the previous year. However, by mid-2024, the industry saw a 23% drop in orders, prompting a forecasted production decline of at least 10% for the year. The situation varies across companies, with ...