1. Export of construction machinery products maintains growth, while import decline narrows

(1) After continuous significant growth in 2021 and 2022, China's export of construction machinery products continued to grow in 2023, reaching 48.552 billion US dollars for the whole year, a year-on-year increase of 9.59%. In the first half of the year, there was an overall high-speed growth trend, with double-digit growth rates from February to June. However, in the second half of the year, there was a monthly negative growth trend, with four months of negative growth and two months of slight growth. The monthly export volume hovered around 4 billion US dollars.

From a quarterly perspective, exports in the first quarter reached 11.702 billion US dollars, a year-on-year increase of 20.6%; In the second quarter, exports reached 13.29 billion US dollars, a year-on-year increase of 30.8%; In the third quarter, exports reached 12.121 billion US dollars, a year-on-year decrease of 4.64%; In the fourth quarter, exports amounted to 11.439 billion US dollars, a year-on-year decrease of 2.47%.

(2) The export of complete machines is better than the import of parts, and the export of high value-added construction machinery performs well. In 2023, the cumulative export of complete machines reached 34.134 billion US dollars, a year-on-year increase of 16.4%, accounting for 70.3% of the total export volume; The export of components reached 14.417 billion US dollars, accounting for 29.7% of the total export volume, a year-on-year decrease of 3.81%. The growth rate of complete machine exports is 20.26% higher than that of parts exports. The export value of high value-added construction machinery continues to maintain rapid growth. Among them, the export value of other excavators increased by 144% year-on-year; The export value of bulldozers with over 320 horsepower increased by 132.59% year-on-year; The export value of pavers increased by 132.59% year-on-year; The export value of truck cranes with a maximum lifting capacity of over 100 tons increased by 107.2% year-on-year; The export value of other all terrain cranes increased by 81.4% year-on-year; The export value of all terrain cranes with a maximum lifting capacity of over 100 tons increased by 73.3% year-on-year; The export value of truck mounted cranes increased by 73.1% year-on-year; The export value of tower cranes increased by 67.1% year-on-year; The export value of tractors increased by 62.7% year-on-year; The export value of other construction vehicles increased by 62.6% year-on-year; The export value of asphalt mixing equipment increased by 57.7% year-on-year; The export value of concrete pumps increased by 44.46% year-on-year; The export value of crawler cranes increased by 44.4% year-on-year; The export value of concrete mixer trucks increased by 43.4% year-on-year; The export value of other automotive cranes increased by 36% year-on-year, and the export value of electric forklifts increased by 34.9% year-on-year; The export value of non highway mining dump trucks increased by 26.1% year-on-year; The export value of tunnel boring machines increased by 16% year-on-year.

2 Main product export countries

WE Produce Webbing Sling/Ratchet Strap/Round sling.

In 2023, China's export of construction machinery to countries along the "the Belt and Road" will reach US $21.055 billion, up 24.1% year on year, accounting for 47.2% of the total export. The top 12 major exporting countries and regions with an amount of more than US $1 billion are the Russian Federation, the United States, Indonesia, Japan, Saudi Arabia, Türkiye, South Korea and Thailand; The total export volume of the top 20 countries and regions accounted for 66.87% of the total export volume, and the growth rate of Maldives, Algeria, Kyrgyzstan, Türkiye, Mongolia, Tajikistan, Uzbekistan, the Russian Federation, Laos, Mexico, the United Arab Emirates, etc. exceeded 50%.