NewsThe China Machinery Industry Federation released today (February 5th) the economic performance of the machinery industry in 2023. The main economic indicators of China's machinery industry have achieved stable growth in 2023, and the economic operation is approaching stability.
Stable growth of major economic indicators in 2023
It is understood that although the economic operation of China's machinery industry has experienced fluctuations in 2023, the overall operating situation is improving. In the first and second quarters of 2023, the growth rate increased from low to high, and slowed down in the third quarter. With the concentrated introduction and implementation of a number of stable economic policy measures, the industry's operation stabilized and improved again in the fourth quarter, and the main economic indicators achieved stable growth throughout the year.
Xu Niansha, President of the China Machinery Industry Federation: From the overall operation situation, under the effective driving force of strategic emerging industries such as new energy and new energy vehicles, the production of mechanical industry products has accelerated, economic benefits have steadily increased, and enterprise investment is active. The annual growth rate of major economic indicators is more than 4 percentage points higher than that of the national industry, and the role of the growth engine is more prominent.
The scale of the mechanical industry has reached a new level. As of the end of 2023, the number of enterprises above designated size in the mechanical industry has reached 121000, an increase of 10000 compared to the previous year, accounting for 1/4 of the proportion of industrial enterprises above designated size in China.
In terms of added value, the mechanical industry's added value increased by 8.7% year-on-year in 2023, which is 4.1 and 3.7 percentage points higher than the national industrial and manufacturing growth rates. The mechanical industry mainly involves five major categories of national economic industries: electrical machinery, automobiles, general equipment, specialized equipment, and instruments, all of which have achieved growth in added value. Among the 120 key monitored products, 61 products saw a year-on-year increase in production.
In addition, in terms of performance indicators, the mechanical industry achieved a revenue of 29.8 trillion yuan in 2023, a year-on-year increase of 6.8%. In terms of investment, in 2023, the mechanical industry mainly involves five major categories of the national economy, with high-speed growth in investment in automobiles and electrical machinery, with growth rates of 19.4% and 32.2%, respectively.
Export growth year-on-year, trade surplus reaches a new historical high
According to the information released by the China Machinery Industry Federation, the total import and export volume of China's machinery industry reached 1.09 trillion US dollars in 2023, exceeding one trillion US dollars for the third consecutive year.
Data shows that in 2023, China's machinery industry import value was 304.51 billion US dollars, a year-on-year decrease of 7.6%, and export value was 783.02 billion US dollars, a year-on-year increase of 5.8%, achieving a trade surplus of 478.51 billion US dollars, a year-on-year increase of 16.6%, and the machinery industry trade surplus reached a new historical high.
Xu Niansha, President of the China Machinery Industry Federation: Our exported products have higher added value and wider trading partners, playing a more active role in the global industrial chain and international trade.
In January of this year, the automotive industry continued to expand its global market coverage. BAIC Group not only entered the Algerian market for passenger cars, but also delivered 110 logistics transport vehicles signed by BAIC Foton to Southeast Asian logistics giants in terms of commercial vehicles.
At the beginning of 2024, Yutong's overseas market saw a good start. Not only did it once again secure an order for 214 new energy buses from Chile, but in January, 250 pure electric buses were shipped to Greece and are expected to be put into operation in Athens and Salonica by the end of April. This is the only new energy bus imported in bulk by Greece.
Not only in the automotive industry, but also in the global market, the comprehensive competitiveness of Chinese construction machinery products continues to improve. Since the beginning of this year, XCMG has accelerated its pace of expanding overseas markets.
Dong Yuzhong, Dean of XCMG Mining Machinery Research Institute: We have conducted research on differentiated market demands in various regions around the world, ensuring that each excavator meets local compliance and adaptability. At the same time, we will tackle key technologies of intelligence, greenness, and digitization.
The China Machinery Industry Federation stated that China's machinery industry's foreign trade exports have reached a new high on a high base, not only achieving a reasonable increase in quantity, but also achieving a qualitative and effective improvement in growth momentum, trade structure, and other aspects. While the overseas market is diversifying and advancing together, the growth momentum and driving force of host and complete machine products are significant. The total export of "new three types" of electric vehicles, lithium-ion batteries, and solar cells is 1.06 trillion yuan, breaking the trillion yuan mark for the first time, with a year-on-year increase of 29.9%. In addition, the proportion of high-tech general trade continues to increase, and many enterprises are building a new pattern of coordinated development of domestic and international industries, such as XCMG and LiuGong, whose international income accounts for over 40%.
