Aerospace industry pushes eurozone orders upward

BRUSSELS (Reuters) – New industrial orders in the 12-nation eurozone rose by 1.7 percent in November from October, spurred on by strong orders for France’s aerospace industry, the European Union statistics agency said yesterday. Orders for transport equipment, which include the volatile aerospace industry, rose by 9.0 percent in November from October while orders in the textile and electrical industries rose 1.2 percent and 0.4 percent respectively. But orders in all other industries – chemicals, metals and machinery – declined in November, illustrating the soft state of the eurozone economy, buffeted by high oil prices, a strong euro and moderating global demand, said Howard Archer of Global Insight. «While the jump in industrial orders looks impressive at first sight, it is highly dependent on a substantial increase in demand from the notoriously volatile aerospace section,» Archer said. On an annual basis, industrial orders in November were 12.2 percent higher than in November 2003, with orders for the transport industry 27.0 percent higher.