Posted on 09 Aug 2024
China's machinery industry saw its added value rise by 6.1% in the first half of this year, slightly higher than the 6.0% on-year increase in the country's industrial sector overall during January-June but down 0.4 percentage points compared with the manufacturing sector's performance, according to the latest data released by the China Machinery Industry Federation (CMIF) on Wednesday.
"In the first quarter, the machinery industry's commercial operations started well, and this stable development trend continued into the second quarter," said Luo Junjie, the CMIF's executive vice president, at a press briefing in Beijing. "Overall, business activity in the first half of the year has been stable with steady progress," he summarized.
The automotive industry was a significant driver during January-June, with its added value increasing by 9.8% on year. In contrast, the growth rates for general equipment, special equipment, electrical machinery, and instrumentation industries slowed to 2.8%, 2.1%, 4.7%, and 5.2% respectively on year, according to the release.
In the first half of the year, among the 120 machinery products monitored by CMIF, 75 recorded year-on-year increases in output, accounting for 61.5% of the total, the data showed.
The CMIF observed that the country's production and sales of automobiles maintained upward momentum in H1, rising by 4.9% and 6.1% on year to 13.9 million units and 14 million units respectively. Notably, new-energy vehicles saw an on-year jump of 30.1% in output and 32% in sales volume, reaching 4.93 million units and 4.94 million units.
Meanwhile, China's machinery sector recorded a foreign trade value of $557.9 billion during H1, up 4.1% on year. Within this total, the value of exports climbed by 5.6% to $414.6 billion, while imports dipped by 0.1% to $143.4 billion, according to official data.
Looking ahead, the domestic machinery industry is expected to continue its overall steady progress in this half, Luo said. The CMIF predicts that the growth rate of major performance indicators of the machinery sector will exceed 5% for the whole year, and foreign trade will remain generally stable.
Source:Mysteel Global
