European Machine Tool Production Exhibits Growth

 Countries included in The European Committee for Cooperation of the Machine Tool Industries (CECIMO) experienced the highest growth rate ever in machine tool production in 2007, the organization reported at its 2008 Spring General Assembly in Stockholm, Sweden. Production in member countries, which include Germany, France, Italy, Spain and others, increased 14 percent last year compared with 2006 figures. Additionally, the organization reported that CECIMO countries led the global machine tool market in 2007 with a 44-percent market share. The European machine tool industry exported 37 percent of 2007 machine tool production, an increase of 11 percent. The largest increases were attributed to Russia, where new industrial bases are still developing, as well as to large emerging markets in Asian and American countries such as China, India, Brazil and Mexico. Exports to North America and Asian countries such as Japan, Taiwan and South Korea decreased because of lower demand for investment, remaining stocks and credit conditions. With imports rising by 19 percent in 2007, machine tool consumption increased by 21 percent compared with 2006 in CECIMO countries. European machine tool demand was particularly strong in the energy, transport and mechanical engineering sectors. For more information from Cecimo, visit www.cecimo.be.