Posted on 07 Feb 2024
The major performance indicators in China's machinery manufacturing sector including the added value, business revenue and gross profits are all expected to grow by 5% on year this year, the China Machinery Industry Federation (CMIF) predicted during an information conference convened in Beijing on Monday.
Last year, the machinery sector's added value increased by 8.7% on year, higher than that of the country's manufacturing industry as a whole at 3.7%, the CMIF pointed out.
The business revenue and total profits of China's machinery makers also showed noteworthy rises in 2023, registering increases of 6.8% and 4.1% on-year respectively to reach Yuan 29.8 trillion ($4.1 trillion) and Yuan 1.8 trillion.
On the other hand, despite the sluggishness of global trade generally and weak external demand, the machinery makers enjoyed resilient and competitive foreign trade business last year, with the total value of both exports and imports gaining 1.7% on year to hit a record high of $1.09 trillion. Within the total, the export value rose by 5.8% on year to $783 billion, while that of imports slipped by 7.6% on year to $304.5 billion.
Consequently, the foreign trade surplus in China's machinery manufacturing sector came in at $478.5 billion for 2023, also a new record high.
However, the CMIF acknowledged that the domestic machinery sector faced some challenges in 2023, including insufficient orders, difficulty in debt collection, declining machinery product prices, volatile foreign markets, and uneven development among sub-sectors.
For 2024, the CMIF envisions a continuation of positive momentum in industry operations overall and anticipates that opportunities will outweigh challenges. "Favorable conditions will prevail over unfavorable factors," it said.
Source:Mysteel Global
