Cat's retail sales of resource industries’ machines by all geographic regions for the three month rolling period ended as of February compared with the same period of the prior year was down by 42%, according to sales figures released by the company.

The news was even worse in the Asia – Pacific, with this figure down by 56%.

“The outlook for 2016 sales and revenues does not anticipate improvement in world economic growth or commodity prices,” Caterpillar said.

In January the company said sales in resource industries are expected to be down about 15% to 20% from 2015 as a result of continuing reductions in mining-related commodity prices and difficult financial conditions for many mining customers around the world.

But given the poor start to the year this figure may be revised down again.