The figure was highlighted at a recent CECIMO Economic Committee meeting – CECIMO represents the common interests of the European Machine Tool Industries, with the UK's Manufacturing Technologies Association amongst its membership.

Domestic orders increased slightly less than foreign orders, it was said, while preliminary results from the third quarter 2010 indicate a high growth in foreign orders.

According to CECIMO, European machine tool manufacturers have a leading (44-46 per cent) global market share in the production of machine tools, well ahead of Japan (18 per cent) and China (15 per cent, and European countries remain the largest exporters of machine tools.

According to the trade statistics revealed by CECIMO, for the first three quarters in 2010, CECIMO is the largest machine tool supplier to the rapidly growing Asian markets. European high-end technology offering high productivity and high quality manufacturing solutions is also being successfully sold in other growing BRIC markets.

But trade barriers, especially those of a non-tariff nature, hamper trade, the organisation added, saying that it therefore welcomes the signing of the Free Trade Agreement with South Korea. Once the agreement is up and running, EU machinery exporters will save €450 million in duties annually, CECIMO highlights.
 

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