The Japan Machine Tool Builders' Association (JMTBA) reported that global orders for Japan machine tools in March 2024 amounted to 135.65 billion yen ($886.77 million), an increase of 18.8% from the previous month, but a decrease of 3.8% from the same month last year. This marked a continuous decline for 15 months and total orders topped 130 billion yen for the first time in six months.

JMTBA stated that despite an increase in demand due to seasonal factors in March, there were no major changes in the market, which remained stable even though it was weak. The association will closely monitor the trend in the future.

Domestic (in Japan) orders in March 2024 amounted to 49.26 billion yen ($322 million), an increase of 51.4% from the previous month and marking an increase for 2 consecutive months. However, compared to the previous year, this figure represents a continuous decrease of  0.2% for the 19th consecutive month. Orders increased compared to February in the automotive industry by 43.1%, in the industrial machinery by 41.9%, in the electronics and precision machinery by 84.5%, while decreased in the aircraft, shipbuilding, and transportation equipment by 4.4%.

Foreign orders in March 2024 closed at 86.39 billion yen ($564.77 million), an increase of  5.8% from the previous month and marking an increase for 2 consecutive months. This also represents a 5.7% decrease from the same month last year, marking a continuous decline for the 15th month. The details by region are as follows:

• Asia recorded orders of 38.55 billion yen ($242.04 million), rose by 5.8% from February 2024. 
  • China's orders amounted to 25.37 billion yen  ($165.87 million), rose by 11.2%
  • India with orders totalling 4.32 billion yen ($28.22 million), marking a 16.3% decrease.
  • Thailand had a total of 1.52 billion yen ($9.92 million) in orders, showing a 8.9% decrease.
• Europe saw orders of 17.26 billion yen ($112.81 million), marking a 0.7% increase.
• North America, including Canada and Mexico, had orders of 28.22 billion yen ($184.48 million), reflecting a 10.0% increase.
  • United States with orders totalling 24.19 billion yen ($158.14 million), reflecting a 7.1% increase.

Read more: Japan Machine Tool Orders: February 2024