China's Hand Tools Price Plummets to $6,666 per Ton

China Hand Tools Export Price in April 2023

In April 2023, the hand tools price stood at $6,666 per ton (FOB, China), declining by -11.6% against the previous month. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in February 2023 an increase of 8.7% month-to-month. Over the period under review, the average export prices reached the maximum at $7,537 per ton in March 2023, and then reduced in the following month.

There were significant differences in the average prices for the major export markets. In April 2023, the country with the highest price was Vietnam ($8,927 per ton), while the average price for exports to Poland ($4,857 per ton) was amongst the lowest.

From April 2022 to April 2023, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+4.4%), while the prices for the other major destinations experienced more modest paces of growth.

China Hand Tools Export Prices by Type

Prices varied noticeably by the product type; the product with the highest price was hand saws ($9,016 per ton), while the average price for exports of agriculture or forestry hand tools ($4,099 per ton) was amongst the lowest.

From April 2022 to April 2023, the most notable rate of growth in terms of prices was recorded for the following types: drilling or threading hand tools, household hand tools, screwdrivers, hammers and similar hand tools (+1.5%), while the prices for the other products experienced more modest paces of growth.

China Hand Tools Exports

In April 2023, approximately 156K tons of hand tools were exported from China; surging by 3.9% against the month before. Overall, total exports indicated a modest expansion from April 2022 to April 2023: its volume increased at an average monthly rate of +1.8% over the last twelve months. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on April 2023 figures, exports increased by +124.7% against February 2023 indices. The most prominent rate of growth was recorded in March 2023 with an increase of 116% m-o-m.

In value terms, hand tools exports reduced to $1B (IndexBox estimates) in April 2023. Over the period under review, total exports indicated a moderate increase from April 2022 to April 2023: its value increased at an average monthly rate of +2.7% over the last twelve-month period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on April 2023 figures, exports increased by +115.5% against February 2023 indices. The most prominent rate of growth was recorded in March 2023 with an increase of 135% against the previous month. As a result, the exports reached the peak of $1.1B, and then fell in the following month.

China Hand Tools Exports by Type

Drilling or threading hand tools, household hand tools, screwdrivers, hammers and similar hand tools (62K tons) was the largest type of hand tools exported from China, accounting for a 40% share of total exports. Moreover, drilling or threading hand tools, household hand tools, screwdrivers, hammers and similar hand tools exceeded the volume of the second product type, agriculture or forestry hand tools (28K tons), twofold. Hand-operated spanners and wrenches (22K tons) ranked third in terms of total exports with a 14% share.

From April 2022 to April 2023, the average monthly growth rate of the volume of export of drilling or threading hand tools, household hand tools, screwdrivers, hammers and similar hand tools amounted to +1.5%. With regard to the other exported products, the following average monthly rates of growth were recorded: agriculture or forestry hand tools (+2.9% per month) and hand-operated spanners and wrenches (+2.3% per month).

In value terms, drilling or threading hand tools, household hand tools, screwdrivers, hammers and similar hand tools ($441M) remains the largest type of hand tools exported from China, comprising 42% of total exports. The second position in the ranking was held by hand saws ($158M), with a 15% share of total exports. It was followed by hand-operated spanners and wrenches, with a 12% share.

From April 2022 to April 2023, the average monthly rate of growth in terms of the export volume of drilling or threading hand tools, household hand tools, screwdrivers, hammers and similar hand tools amounted to +3.0%. With regard to the other exported products, the following average monthly rates of growth were recorded: hand saws (+1.4% per month) and hand-operated spanners and wrenches (+2.8% per month).

China Hand Tools Exports by Country

The United States (30K tons) was the main destination for hand tools exports from China, accounting for a 19% share of total exports. Moreover, hand tools exports to the United States exceeded the volume sent to the second major destination, Russia (10K tons), threefold. India (5.4K tons) ranked third in terms of total exports with a 3.4% share.

From April 2022 to April 2023, the average monthly growth rate of volume to the United States was relatively modest. Exports to the other major destinations recorded the following average monthly rates of exports growth: Russia (+8.7% per month) and India (+2.1% per month).

In value terms, the United States ($215M) remains the key foreign market for hand tools exports from China, comprising 21% of total exports. The second position in the ranking was taken by Russia ($53M), with a 5.1% share of total exports. It was followed by Vietnam, with a 3.9% share.

From April 2022 to April 2023, the average monthly rate of growth in terms of value to the United States totaled +1.3%. Exports to the other major destinations recorded the following average monthly rates of exports growth: Russia (+9.0% per month) and Vietnam (+6.8% per month).

Source: IndexBox Market Intelligence Platform