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February 2024 MT orders total JPY 114 billion; foreign demand over JPY 80B for 4th consecutive month

March 27, 2024

The Japan Machine Tool Builders’ Association (JMTBA) announced the firm value of machine tool orders for February 2024. Total new orders were 114.2 billion yen, up for the first time in two months. Although both domestic and foreign demand increased from the previous month, the total order amount fell below 120 billion yen for the second month in a row, partly due to the fact that February is not a seasonally strong month for new orders. 


Domestic demand rose month-on-month (MoM) for the first time in two months, but fell year-on-year (YoY) for the 18th consecutive month to 32.5 billion yen. February, a seasonally weak month as it is the month before the end of the fiscal year and the waiting period for subsidies for the next fiscal year, showed a MoM increase but was below 35.0 billion yen for the second consecutive month. 

Out of 11 industry categories, 7 industries showed a decline both MoM and YoY. Among the major industries, Industrial Machinery and Aircraft/Shipbuilding/Transport Equipment increased MoM and remained at a steady level. On the other hand, demand for automobiles remained sluggish as the value of Motor Vehicles fell below 7 billion yen for the first time in 42 months. 


Foreign demand increased MoM for the first time in two months and decreased YoY for the 14th consecutive month, totaling 81.6 billion yen. Among the three major regions, only Asia experienced a MoM decrease, but the decrease was minor and remained steady, with the overseas total exceeding 80 billion yen for the fourth consecutive month. 

Orders by region were as follows: Orders from Korea, Taiwan, Thailand and other regions decreased MoM, bringing the total orders from Asia down 1.1% from the previous month. Meanwhile, orders from China exceeded 22 billion yen for the fourth consecutive month, and orders from India exceeded 5 billion yen for the first time in two months due to large orders for automotive applications, and exceeded 35 billion yen for the third consecutive month and remained stable. Orders from Europe showed a slight increase from the previous month’s negative trend, but remained below 18 billion yen for the second consecutive month. By country/region, Germany and France posted increases from the previous month, while Italy and Turkey posted decreases. Orders from North America exceeded 25.0 billion yen for the first time in two months, with the United States and Mexico posting MoM increases. All countries in the North America region posted YoY increases, and the trend remained strong. 

February Summary

Amount (million yen) MoM change (%) YoY change (%)
Total Orders 114,208 102.9 92.0
Domestic total 32,543 106.3 83.6
Industrial Machinery 13,934 113.5 83.1
Motor Vehicles 6,662 95.0 84.2
Electrical & Precision Machinery 3,873 95.2 72.8
Aircraft/Shipbuilding/Transport equipment 1,849 136.3 131.6
Foreign total 81,665  101.6 95.9
Asia 36,425 98.9 91.5
Europe 17,140 102.4 88.2
North America 25,645 105.4 110.1


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