China Cutting Tools Market 2021 Import and Export Measurement and Recent Years Development
Release time:
2022-01-10
Source:
I. Total consumption scale and import and export estimation of the cutting tool market in 2021
China Machine Tool & Tool Builders' Association (CMTBA) has estimated the total consumption scale and import and export volume of China's cutting tool market in 2021 based on the survey and analysis of statistical data from members, customs data, raw material statistical data of cutting tools, and data from cutting tool aggregation areas.
1. Total consumption scale of China's cutting tool market in 2021
The total consumption scale of China's cutting tool market grows from RMB 42.1 billion in 2020 to RMB 47.7 billion in 2021, a year-on-year growth of 13.3% (Figure 1), reaching a new high. Among them: about RMB 33.9 billion of domestic cutting tools, accounting for 71%, up 17% year-on-year; imported cutting tools (including foreign brands produced and sold in China) RMB 13.8 billion, accounting for 29%, up 5.3% year-on-year. Domestic cutting tools grew significantly in the Chinese market, accounting for a 2 percentage point increase compared to 2020. Imported cutting tools grew at a low rate after two consecutive years of decline, accounting for a 2 percentage point decrease compared with 2020.
Domestic production and sales of cutting tools (domestic sales + exports): 2018 (27.3 billion + 18 billion) for 45.3 billion; 2019 (25.7 billion + 18.4 billion) for 44.1 billion, a year-on-year decline of 2.6%; 2020 (29.0 billion + 18.0 billion) for 47.0 billion, a year-on-year increase of 6.6%; 2021 (33.9 billion + 22.5 billion) for 56.4 billion, an increase of 20%.
2. 2021 scale of imported cutting tools (foreign brands)
The total size of China's tool imports (including foreign brands manufactured and sold in China) grew from RMB 13.1 billion in 2020 to RMB 13.8 billion in 2021, up 5.3% year-on-year (Figure 2).
The difference between the import data and the customs data (including year-on-year growth) is due to the fact that the statistical caliber is not exactly the same, and foreign brands are manufactured and sold in China.
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