For Three Consecutive Years, The Export Trade Structure Of China's Machinery Industry Has Exceeded One Trillion US Dollars

On February 5, it was learned from the China Machinery Industry Federation's 2023 machinery industry economic operation conference that, withstanding multiple pressures, foreign trade in China's machinery industry in 2023 rose steadily and reached a new high, and the total annual import and export volume reached 1.09 trillion US dollars, an increase of 1.7%, more than one trillion US dollars for the third consecutive year. It demonstrates its strong resilience and international competitiveness.

According to Ye Dingda, chief economist of the China Machinery Industry Federation, in 2023, China's machinery industry not only achieved a reasonable increase in exports, but also achieved a qualitative and effective improvement in growth momentum and trade structure, and the export trade structure continued to upgrade.

First, diversified overseas markets. Enterprises in the industry have seized foreign trade opportunities, dug deep into key markets such as Africa, Europe and Latin America, and gradually established a new pattern of diversified foreign trade markets. In 2023, China's machinery industry exports to Africa, Europe and Latin America increased by 17.3%, 16.3% and 9.8% respectively; For the "Belt and Road" countries, the total export volume increased by 14% year-on-year, accounting for the total export volume of machinery industry has reached 50%.

Second, the main engine and whole machine products have increased significantly and their driving role has been enhanced, reflecting the progress from Chinese manufacturing to Chinese creation. The total exports of the "new three" products of electric vehicles, lithium-ion batteries and solar cells totaled 1.06 trillion yuan, breaking through the trillion yuan mark for the first time, an increase of 29.9% year-on-year.

Third, the proportion of general trade with high technical content continues to increase, which is the main force driving the export of machinery industry to a new high. 2023 machinery industry general trade exports accounted for 72.1%, 0.7 percentage points higher than the previous year.

Fourth, to build a new pattern of coordinated development of international and domestic business, China Yituo landed its first tractor production line in the Congo, and Xugong and Liugong's international revenue accounted for more than 40%.