China: Agricultural Appliance Market 2024

Agricultural Appliance Market Size in China

After three years of growth, the Chinese agricultural appliance market decreased by -38.5% to $X in 2021. Over the period under review, consumption, however, posted a prominent increase. As a result, consumption attained the peak level of $X. From 2017 to 2021, the growth of the market failed to regain momentum.

Agricultural Appliance Production in China

In value terms, agricultural appliance production contracted to $X in 2021 estimated in export price. Overall, production continues to indicate a slight decline. The most prominent rate of growth was recorded in 2016 when the production volume increased by 59%. As a result, production reached the peak level of $X. From 2017 to 2021, production growth failed to regain momentum.

Agricultural Appliance Exports

Exports from China

In 2021, shipments abroad of agricultural appliances increased by 32% to X units, rising for the second year in a row after three years of decline. Over the period under review, exports, however, saw a slight slump. The pace of growth appeared the most rapid in 2016 when exports increased by 38% against the previous year. As a result, the exports reached the peak of X units. From 2017 to 2021, the growth of the exports failed to regain momentum.

In value terms, agricultural appliance exports surged to $X in 2021. In general, exports, however, continue to indicate a deep slump. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X units) was the main destination for agricultural appliance exports from China, accounting for a 67% share of total exports. Moreover, agricultural appliance exports to the United States exceeded the volume sent to the second major destination, Mexico (X units), more than tenfold. The third position in this ranking was held by Germany (X units), with a 2.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States amounted to +2.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+1.2% per year) and Germany (+1.8% per year).

In value terms, the United States ($X) remains the key foreign market for agricultural appliances exports from China, comprising 48% of total exports. The second position in the ranking was held by Australia ($X), with a 4.5% share of total exports. It was followed by Germany, with a 2.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States amounted to +1.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+2.6% per year) and Germany (-2.2% per year).

Export Prices by Country

In 2021, the average agricultural appliance export price amounted to $X per unit, with an increase of 11% against the previous year. In general, the export price, however, continues to indicate a abrupt shrinkage. The pace of growth was the most pronounced in 2014 when the average export price increased by 17%. As a result, the export price attained the peak level of $X per unit. From 2015 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Australia ($X per unit), while the average price for exports to France ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+12.7%), while the prices for the other major destinations experienced a decline.

Agricultural Appliance Imports

Imports into China

In 2021, overseas purchases of agricultural appliances increased by 46% to X units for the first time since 2016, thus ending a four-year declining trend. Overall, imports, however, saw a deep contraction. The most prominent rate of growth was recorded in 2016 when imports increased by 328% against the previous year. As a result, imports reached the peak of X units. From 2017 to 2021, the growth of imports remained at a lower figure.

In value terms, agricultural appliance imports dropped sharply to $X in 2021. In general, imports, however, recorded a abrupt decline. The most prominent rate of growth was recorded in 2016 with an increase of 218%. As a result, imports attained the peak of $X. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

The Dominican Republic (X units), the United States (X units) and Mexico (X units) were the main suppliers of agricultural appliance imports to China, together comprising 87% of total imports. Israel, Spain and Taiwan (Chinese) lagged somewhat behind, together comprising a further 10%.

From 2012 to 2021, the biggest increases were recorded for Israel (with a CAGR of +97.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Mexico ($X) and Israel ($X) constituted the largest agricultural appliance suppliers to China, with a combined 44% share of total imports.

Israel, with a CAGR of +95.8%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average agricultural appliance import price stood at $X per unit in 2021, waning by -51.3% against the previous year. Overall, the import price recorded a abrupt shrinkage. The growth pace was the most rapid in 2014 when the average import price increased by 37% against the previous year. Over the period under review, average import prices reached the maximum at $X per unit in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Israel ($X per unit), while the price for the Dominican Republic ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Israel (-0.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform