High Growth in Mining Machinery Exports, China's Global Share of Mining Equipment Increases
According to data from the China Heavy Machinery Industry Association, the mining machinery industry achieved a total import and export value of 27.06 billion US dollars in the first half of the year, a year-on-year increase of 24.38%. Among them, exports amounted to 25.39 billion US dollars, a year-on-year increase of 24.01%; imports were 1.67 billion US dollars, a year-on-year increase of 30.40%; and the trade surplus was 23.72 billion US dollars, a year-on-year increase of 23.58%.
Exports of China's Crawler Cranes Increase in Both Volume and Value in the First Half of the Year
According to customs data compiled by Jijing.com, from January to June 2024, China's cumulative exports of crawler cranes reached 46,132.10 million US dollars, a year-on-year increase of 9.07%; the cumulative export volume was 7,475 units, a year-on-year increase of 478.56%; and the average export price was 61,700 US dollars per unit, a year-on-year decrease of 81.15%. India is the largest destination for China's crawler crane exports.
Exports Boost Growth in the Engineering Machinery Market, Equipment Renewal Benefits Expected to Accelerate in the Second Half of the Year
In the first half of this year, the engineering machinery industry showed a polarization: companies with a large presence in overseas markets generally reported higher year-on-year growth, while those mainly engaged in domestic equipment leasing faced more challenges. Industry insiders believe that expanding market share overseas will remain a significant source of growth in the second half of the year; as large-scale equipment renewal continues to progress, domestic demand is expected to gradually recover from the bottom of the cycle.
