From January to February, the growth rate of China's machinery industry production and sales declined compared to the same period last year, but it still maintained a robust level of 26% or higher. However, the growth in export delivery value and new product output slowed significantly, with only 81 products showing year-on-year increases. This represents approximately 74.31% of all reported product varieties.
The overall growth rate of production and sales within the machinery sector has been on a downward trend. In the first two months of the year, the total industrial output reached 1,142.744 billion yuan, reflecting a year-on-year increase of 26.15%, although this marked a decrease of 7.17 percentage points from the previous year. Sales value rose to 11.84431 trillion yuan, up 27.79% year-on-year, but the growth rate fell by 4.96 percentage points compared to the same period in 2023. The decline in both gross output and sales values indicates that the industry as a whole is experiencing slower growth than in the previous year. Notably, the drop in total output was more pronounced than the decline in sales.
The contribution rates of certain key sectors, such as cultural office equipment and the automotive industry, were lower than in the same period last year. While most other industries saw slight improvements in their contribution to the total output of the machinery sector, the electrical and electronics industry experienced the strongest growth, increasing by 60 percentage points. Meanwhile, the automotive industry recorded its first decline in contribution rate in recent years, dropping by 7.38 percentage points.
The growth of new product output also slowed down, reaching 208.72 billion yuan in January-February, an increase of 19.74% year-on-year, which represented a drop of 12.67 percentage points. Although the growth rate of new product output was lower than the total industrial output growth, it had previously outperformed the overall growth rate. This time, the growth of new product output was 6.41 percentage points lower than the total output growth. Despite the overall slowdown, several types of enterprises—such as collective, private partnerships, state-owned, and foreign-funded companies—experienced strong growth in new product output, likely due to lower base effects. However, these enterprises accounted for only 5.86% of the entire industry’s new product output.
The export delivery value also saw a significant decline, with the total export value reaching 180.86 billion yuan, up 20.92% year-on-year, but down by 14.85 percentage points from the previous year. Export delivery value made up 16.32% of total sales, a decrease of 0.81 percentage points compared to the same period last year. All sub-sectors, including agricultural machinery, construction machinery, cultural office equipment, petrochemical GM, heavy mining, machine tools, electrical appliances, and mechanical basic parts, experienced a year-on-year decline in export growth.
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