By 2023, China’ machinery will see a growth of 5%, as per the sources from the China Machinery Industry Federation (CMIF). The industry started gaining operations since 2022 with a total of 28.9 trillion yuan which is 9.6% Year-on-year (YoY).
As per the sources from CMIF, Luo Junjie, “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 growth”.
Despite of COVID-19, the machinery remained stable in 2022 with internal decrease and increase in manufacturing costs. A total profit of 121% was calculated. There are uncertainities on the prices of nickel, lithium, graphite and also the geopolitical tensions. The foreign trade of China’s machinery saw a growth of 3% yearly to $1.07 trillion in 2022. This will be continuing for the second consecutive year as well.
