Japan’s machine tool orders increased by 9.3% year-on-year to JPY 122,419 million in October 2024, marking a recovery from the 6.5% decline recorded in the previous month, according to the Japan Machine Tool Builders Association data.
Japan's machine tool orders up 9.3% in October
This growth was mainly driven by a substantial 13.6% surge in foreign orders, which reached JPY 89,095 million, reflecting robust demand from overseas markets. However, domestic demand remained relatively weak, declining by 1% to JPY 33,324 million. On a month-over-month basis, machine tool orders fell by 2.3%, reversing the 13.1% increase seen in the prior period, as the market showed signs of slowing.
Japan's machine tool orders down 1.7% year-to-date, domestic demand weakens
Despite the monthly dip, the year-to-date figures showed a 1.7% decrease in total machine tool orders, with a cumulative value of JPY 1,222,557 million for the first ten months of 2024, indicating that while foreign orders are helping to cushion the overall decline, domestic demand is still a concern.
