DeStatis – Germany: Manufacturing in November 2022: new orders down 11% year on year

This is not good news for a mercantilist nation:

Real (price adjusted) new orders in manufacturing decreased by 5.3% on a seasonally and calendar adjusted basis in November 2022 compared with October 2022, according to provisional results of the Federal Statistical Office (Destatis). Excluding large-scale orders, there was a decline of 2.9%. Compared with November 2021, new orders fell by a calendar adjusted 11.0% in November 2022. With it, new orders have reached their lowest level since July 2020.

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