Analysis of Export of Construction Machinery Parts

Analysis of the Import and Export Situation of Construction Machinery Products from January to December 2024: Did Parts Become a Dark Horse in Export?

According to statistics from the China Chamber of Commerce for Import and Export of Machinery and Electrical Products, the total import and export volume of construction machinery products in China reached 55.53 billion US dollars from January to December 2024, an increase of 8.5% compared to the previous year. Specifically, the export value was 52.88 billion US dollars, a year-on-year increase of 8.8%; The import value was 2.65 billion US dollars, a year-on-year increase of 2.5%. The resulting trade surplus was 50.23 billion US dollars, a year-on-year increase of 9.2%. The annual trade growth showed a trend of lower in the first half of the year and higher in the second half, maintaining a stable growth momentum overall.
The year-on-year increase in export value for the whole year of 2024. The monthly export value in December increased by 26.4% year-on-year. The export value of construction machinery mainframe reached 38.3 billion US dollars, an increase of 12.1%, accounting for 72.5% of the total export value. The export value of components was 14.56 billion US dollars, an increase of 1.1%, accounting for 27.5% of the total export value.

What is the export situation of Chinese construction machinery and components in 2024? What are the changes in the export volume of the global market and major exporting countries?
1、 Export product trend: C-level components, achieving a peak in exports throughout the year
في 2024, the top five exports of construction machinery and components will be parts, industrial vehicles, الحفارات, shovel transport machinery, and lifting machinery. Among them, the export value of components was the highest, reaching 14.562 billion US dollars, accounting for the first place in the total export value.

Market analysis for the whole year shows that except for the slowdown in excavator growth, all other products have achieved positive growth, especially mixed mixing, rock drilling and excavation pile workers, and tool products, with a year-on-year growth rate of over 20%.
2、 The the Belt and Road accounted for more than 60%, and Asia, Africa and Latin America became export highlights
From January to December, China’s export of construction machinery and parts to countries along the “the Belt and Road” reached US $33.298 billion, up 14.09% year on year, accounting for 62.97% of the total export. This shows that China’s export position in this field has been strengthened.
From January to December, the export sales of China’s construction machinery and its components to RCEP member countries (including the ten ASEAN countries, Japan, South Korea, Australia, and New Zealand) reached 12.1 billion US dollars, accounting for 22.88% of the total export value, an increase of 0.8% compared to the previous year.
Export sales in Asia, Europe, Africa, and Latin America are increasing, while sales in North America and Oceania are decreasing.
During the period from January to December, the total export value of Asia was 21.569 billion US dollars, accounting for 40.79% of the global total, an increase of 9.6%. Europe’s exports amounted to 13.156 billion US dollars, accounting for 24.88% of the global total, with a growth rate of 3.63%. Africa’s exports amounted to 5.906 billion US dollars, accounting for 11.17% of the global total and growing by 32%. Latin America’s exports amounted to 5.655 billion US dollars, accounting for 10.69% of the global total and growing by 24.63%. North American exports amounted to 4.788 billion US dollars, accounting for 9.05% of the global total, a decrease of 6.51%. Oceania’s exports amounted to 1.806 billion US dollars, accounting for 3.41% of the global total, a decrease of 13.14%.
Starting from 2024, the growth of export markets in North America and Europe has slowed down, with emerging markets such as Africa becoming the main driving force. This change is due to the increase in mining activities and urbanization processes in Africa, which has led to an increase in demand for infrastructure construction and brought export growth opportunities for Chinese enterprises.

3、 Changes in destination country exports: C-position in the Russian market, strong demand from Middle Eastern and Southeast Asian countries
From January to December, the top ten countries in China’s exports of construction machinery components included Russia, the United States, أندونيسيا, Brazil, India, Saudi Arabia, Japan, Australia, the United Arab Emirates, Belgium, and Vietnam. The cumulative export value of these eleven major markets is approximately 25.655 billion US dollars, accounting for 48.5% of the total export value and nearly half of the global export total.
The annual export value of Russia, the United States, أندونيسيا, and Brazil all exceed 2 billion US dollars, with Russia ranking first with 6.385 billion US dollars. The Russian market continues to show an open attitude towards Chinese companies and is expected to provide significant growth potential for Chinese enterprises in the future.
The sales volume of construction machinery in the Middle East and Southeast Asia, including Indonesia, Saudi Arabia, India, the United Arab Emirates, Vietnam and other countries, is generally on the rise, and their export value is also in a leading position. This phenomenon reveals that Chinese companies have more significant geographical and tariff advantages in Southeast Asia compared to European and American manufacturers, indicating enormous potential for future market expansion.
Global export trends of construction machinery and component products from January to December 2024:
The export of construction machinery and components is recovering and achieving positive growth for the whole year. With the deepening of the “the Belt and Road” initiative, the penetration of the Middle East, Africa and South America markets has accelerated, and Chinese enterprises have achieved rapid growth in such regions; The demand in the Indonesian market is gradually recovering, and the export growth rate of Chinese enterprises has turned from negative to positive; However, in the European and American markets, market demand has been suppressed due to the impact of trade tariff policies and high interest rates.
في 2024, China’s construction machinery exports will experience significant growth, thanks to the recovery of overseas markets and the enhancement of domestic industrial competitiveness. The continuous investment of domestic enterprises in the research and development of high-end equipment has made high-end development an advantage for Chinese construction machinery enterprises in international competition. However, the intensification of international market competition and the rise of trade protectionism have brought challenges to the internationalization of China’s construction machinery.
Looking forward to the future, Chinese construction machinery enterprises should pay attention to the new trend of the international market, take advantage of the “the Belt and Road” opportunity, and strengthen the construction of market channels in Southeast Asia, Central Asia, and the Middle East. Guided by key market demands, optimize internationalization strategies, establish overseas bases and joint ventures, reduce trade barriers, and improve service responsiveness. Enterprises need to strengthen independent research and development of core components, reduce import dependence, and enhance the resilience of the industrial chain. Promote the optimization and upgrading of product structure, develop electrification and intelligent technologies, increase market share of high-end products, and consolidate global competitive advantages.