China's machinery industry to grow 5% YoY in 2023: CMIF

The machinery industry remained stable in 2022 in spite of issues like COVID-19, slow internal demand, and increasing manufacturing costs. The industry’s total profit soared 12.1 per cent on a yearly basis 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.

Although confronting uncertainties caused by high prices of materials such as nickel, lithium, and graphite, and geopolitical tensions, the foreign trade of China’s machinery industry rose 3 per cent on an annual basis to $1.07 trillion in 2022, continuing at a foreign trade value of $1 trillion for the second consecutive year.

ALCHEMPro News Desk (NB)