The Japan Machine Tool Builders' Association (JMTBA) has reported that global orders for Japan machine tools in February 2024 amounted to 114.2 billion yen ($753 million), an increase of  2.9% from the previous month, but a decrease of 8.0% from the same month last year. This marked a continuous decline for 14 months and fell below 120 billion yen for the second consecutive months.

JMTBA commented that orders in February showed a steady trend despite the market's weakness, and they will closely monitor the trend in the future. 

Domestic (in Japan) orders in February 2024 amounted to 32.54 billion yen ($215 million), an increase of 6.3% from the previous month and marking the first increase in two months. However, compared to the previous year, this figure represents a continuous decrease of 16.4% for the 18th consecutive month. Orders decreased compared to January in the automotive industry by 5.0%, increased in the industrial machinery by 13.5%, decreased in the electronics and precision machinery by 4.8%, and increased in the aircraft, shipbuilding, and transportation equipment by 36.3%.

Foreign orders in February 2024 closed at 81.67 billion yen ($538 million), an increase of 1.6% from the previous month and marking the first increase in two months. This also represents a 4.1% decrease from the same month last year, marking a continuous decline for the 14th month. The details by region are as follows:

• Asia recorded orders of 36.43 billion yen ($240 million), down 1.1% from January 2024. 
  • China's orders amounted to 22.82 billion yen  ($150 million), rose 0.6%
  • India with orders totalling 5.16 billion yen ($34 million), marking a 21.8% increase.
  • Thailand had a total of 1.67 billion yen ($11 million) in orders, showing a 25.9% decrease.
• Europe saw orders of 17.14 billion yen ($113 million), marking a 2.4% increase.
• North America, including Canada and Mexico, had orders of 25.65 billion yen ($169 million), declining by 5.4%.
  • United States with orders totalling 22.59 billion yen ($148 million), reflecting a 7.3% increase.

Read more: Japan Machine Tool Orders: January 2024