From January to November 2007, the machinery industry recorded a total import and export volume of $327.11 billion, reflecting a year-on-year growth of 30.3%. This growth was driven by both imports and exports, with imports reaching $152.296 billion, up 20.07%, and exports surging to $174.814 billion, an impressive increase of 40.74%. As a result, the trade surplus for the period reached a record high of $22.518 billion.
The export growth outpaced import growth across most sub-sectors of the machinery industry. Only the cultural and office equipment sector saw higher import growth than export growth. Among other sectors, construction machinery led with a 62.74% rise in exports, followed closely by agricultural machinery (59.76%), food packaging (58.75%), automotive (51.99%), heavy mining (51.48%), internal combustion engines (47.8%), and petrochemical equipment (46.7%).
All provinces and cities in China experienced growth in their machinery imports and exports during this period. Out of the 31 provinces, municipalities, and autonomous regions, 26 reported double-digit growth. Xinjiang Autonomous Region topped the list with a staggering 111.51% increase, followed by Ningxia (71.39%), Hunan (65.53%), Inner Mongolia (62.73%), and Hebei (45.54%). In terms of total value, Guangdong Province remained the leader with $86.06 billion, followed by Jiangsu ($53.626 billion), Shanghai ($45.59 billion), Zhejiang ($28.187 billion), and Beijing ($27.829 billion).
General trade outperformed processing trade in the machinery industry, with general trade imports and exports rising by 35.95% compared to 31.75% for processing trade. General trade accounted for 50.04% of total machinery trade, while processing trade totaled $116.456 billion.
Trade with major partners also saw significant growth. Japan remained the top trading partner, with bilateral trade reaching $60.221 billion, up 19.65%. The U.S. came in second with $44.533 billion, an increase of 20.24%, followed by Germany at $31.579 billion (up 25.09%) and South Korea at $19.115 billion (up 26.77%). The EU recorded the highest growth at $79.134 billion, a 31.69% increase, while ASEAN saw a remarkable 47.59% rise to $21.447 billion.
Foreign-funded enterprises played a key role in driving trade, accounting for 61.84% of the total machinery industry imports and exports, with a value of $202.284 billion, up 28.48% year-on-year. Private enterprises also contributed significantly, with exports reaching $41.607 billion, a 52.39% increase, making up 23.8% of total exports.
Additionally, 83 out of 90 key products in the machinery industry saw growth in exports, with 66 of them recording year-on-year increases in value. This strong performance highlights the resilience and expansion of China's machinery sector during this period.
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