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A continuous growth trend observed in imports and exports of China's hardware industry

Views: 33     Author: Site Editor     Publish Time: 2019-09-03      Origin: Site

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The data released by the General Administration of Customs of China regarding the import and export figures of 2018 demonstrated continuous growth in all areas. The most important trade partners ASEAN, the United States and the European Union accounted for more than 40% of imports and exports. In the first quarter of 2019 this steady increase continued with ASEAN and the European Union, while the trade friction between the United States and China lead to a decrease. The leading hardware trade platform in Asia is the China International Hardware Show (CIHS, 10-12 October 2019). With a view to global developments the event will host the debut of an expert forum on “big data”. In addition to analysts who will interpret import and export data of China’s hardware industry, Ebay will present the changes of data usage and hardware cross-border e-commerce. 

The data released by the General Administration of Customs of China in January shows that the total value of China's imports and exports in 2018 was RMB 30.51 trillion yuan, an increase of 9.7% over 2017. Of that amount, the exports rose by 7.1% to RMB 16.42 trillion yuan while the imports grew by 12.9% to RMB 14.09 trillion yuan. The total value of China's foreign trade exceeded RMB 30 trillion yuan for the first time in 2018, reaching a record high. In 2018, the imports and exports with the top three trading partners, namely the European Union, the United States and ASEAN, increased by 7.9%, 5.7% and 11.2% respectively, all three accounting for 41.2% of China's total imports and exports. Over the same period, China's total imports and exports with the countries along the Belt and Road grew to RMB 8.37 trillion yuan, an increase of 13.3% over the previous year. Imports and exports with Russia, Saudi Arabia and Greece in particular, increased by 24%, 23.2% and 33% respectively.

In terms of hardware, the total import and export value of tool & hardware products was US $ 23.82 billion in 2018. Exports totalled US $ 16.23 billion, up 0.06% over the previous year, while imports totalled US $ 7.59 billion, an increase of 8.91% on a year-on-year basis.

In the first quarter of 2019, affected by Sino-US trade friction, China-US trade volume amounted to RMB 815.86 hundred billion yuan, an 11% decrease compared to the previous year. Meanwhile the number of import and export to EU, ASEAN and Japan grew. The total value of China’s imports and exports to the European Union is RMB 1.11 trillion yuan, an increase of 11.5%, accounting for 15.8% of the total foreign trade. The European Union has been China’s largest trading partner for 15 consecutive years. In recent years, China's tool exports to Europe mainly consist of DIY products for private end-users. Since consumers at the retail end are more sensitive to price, China's tool products will still enjoy a certain price advantage in the short run. A look back on the categories of products exhibited during the last edition of CIHS shows that tools accounted for more than 60%; DIY, fasteners and building hardware accounted for 21%; security, locks and fittings accounted for 11% and garden tools for 5%. 

China and the United States have launched several rounds of trade negotiations in 2019. Although the results of the negotiations may have some positive impact on some businesses, it is necessary for enterprises to build on self-improvement to develop. Realizing this, the leading enterprises in the industry have begun to expand new markets by increasing the proportion of high-grade industrial products, building the brand image, and using new channels such as cross-border e-commerce, so as to gradually adapt to the new changes and new demands of the international market. Staying abreast with the development of the industry.

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