Import and export of machine tool industry has rocketed in H1 this year

2021-9-1 9:42:37

According to the analysis on the economic conditions of machine tool industry in the first half of 2021 released by China Machine Tool & Tool Builders' Association (CMTBA), national economic growth has promoted the recovery and growth of demand in machine tool market. The industry has maintained momentum in the first half of 2021 following the rebound in the second half of last year, with major economic indicators achieving substantial growth, quality and efficiency significantly improving and import and export both revealing marked growth. However, due to uncertainties such as the sharply rising prices of raw materials and parts and auxiliary equipment, shortage of talents and capital, and resurgence of outbreaks at home and abroad, more attention should be paid to the potential impacts on the industry.

Machine tool industry has seen the following characteristics such as a remarkable growth in business revenue, profitable results in different departments across the board and better business condition in the first half of 2021. CMTBA's key liaison enterprises have increased 45.7% year on year in business revenue from January to June in 2021.

In terms of foreign trade, the import and export of machine tools in the first half of this year has shown notable growth, with volume totaling USD 15.85 billion, a year on year growth of 29.2% and a drop of 1.3% from the first quarter. Compared with the same period of 2019, the volume has increased 13.3%, with an average growth rate of 6.4% in two years.

The import and export of machine tools in the first half of this year has sustained surplus momentum since June 2019. The import of machine tool commodities totaled USD 6.97 billion, export USD 8.87 billion and surplus USD 1.9 billion, with surplus increasing USD 1.15 billion compared to the first quarter. The trade surplus covers 6 categories including metal forming machine tool, woodworking machine, cutting tool, grinding tool and abrasive and casting machine.

Bai Ming, deputy director of the international market research institute at Chinese Academy of International Trade and Economic Cooperation, said that machine tool industry's steady growth shall not only attributed to its enhanced manufacturing level, but also the outcome of common progress of supporting industries, including basic materials, machine tool elements, and corresponding operation system, which has showcased China' improved comprehensive strength in manufacturing.

Machine tool serves as one of the most important tools in industrial production and is known as “Industrial Mother Machine”. While the industry is resuming development, it is facing issues such as increased pressure on costs, shortage supply of key functional components and the pandemic.

To this regard, Bai Ming suggested that improving product competitiveness is the foundation for companies to deal with uncertainties and they should produce machine tool products of high precision and high reliability.

To address the shortage supply of key functional components, we must speed up efforts to tackle key and core technologies, improve independent innovation ability and enhance overall competitiveness of domestic CNC machine tool equipment so as to realize self-reliant industrial and supply chains, insiders said.

Considering various factors and current promising development, China's machine tool industry will remain stable growth in the second half of this year, provided that China experiences no major resurgence and uncertainties are effectively brought under control as well as policies continue to take effect, CMTBA noted.

(Source: CCPIT)

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