According to the Chinese Machinery Industry Association, the country’s machinery sector will grow in 2023. (CMIF). Operating sales for the sector totaled 28.9 trillion yuan in 2022, rising 9.6% annually from the previous year (YoY). Sales income and earnings for the industry are anticipated to increase by 5% YoY in 2023, while export growth will continue at a steady clip.
Notwithstanding problems like COVID-19, weak domestic demand, and rising production prices, the equipment sector remained solid in 2022. The overall profit for the industry increased by 12.1% annually to 1.8 trillion yuan.
“China’s machinery industry is expected to achieve steady growth this year. The sector showed strong resilience, huge potential, and great vitality amid headwinds, with the automobile, electrical appliances, and other manufacturing sectors posting stable operations since the beginning of the year,” CMIF executive vice president Luo Junjie was quoted as saying by local media reports
The foreign commerce of China’s machinery sector increased 3% annually to $1.07 trillion in 2022, maintaining a foreign trade value of $1 trillion for the second year in a row despite the challenges posed by geopolitical tensions and the high prices of minerals like nickel, lithium, and graphite.
