According to the German Machine Tool Builders' Association (VDW) (www.vde.de), Germany's machine tool manufacturing industry has excelled in exports and in the manufacture of forming technology machines, making the country a global runner up in overall production, third largest importer and the fourth most important market worldwide in 2006.
VDW expects German production to increase 7 percent in 2007 as compared with 4 percent in 2006. The association said the international machine tool construction industry is currently enjoying a historically unparalleled phase of growth. According to its estimates, global production rose by 10 percent in 2006 to a record level of 47.4 billion euros ($62.6 billion US), and 2006 was the third successive year of growth, with a total increase of 46 percent. By comparison, the last such boom phase from 1987 to 1989 was only 34 percent.
Asia accounted for almost half the entire global volume in 2006, as well as consuming an equivalent amount, with Europe providing 42 percent, and the United States providing about 10 percent.