China: Agricultural Forestry Machinery Market 2024

Agricultural Forestry Machinery Market Size in China

In 2022, the Chinese agricultural forestry machinery market decreased by -2.1% to $X, falling for the second year in a row after three years of growth. Over the period under review, the total consumption indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -12.0% against 2020 indices. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Agricultural Forestry Machinery Production in China

In value terms, agricultural forestry machinery production reached $X in 2022 estimated in export price. Overall, the total production indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +7.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.1% against 2020 indices. The pace of growth was the most pronounced in 2014 with an increase of 25% against the previous year. Agricultural forestry machinery production peaked at $X in 2020; afterwards, it flattened through to 2022.

Agricultural Forestry Machinery Exports

Exports from China

Agricultural forestry machinery exports from China surged to X units in 2022, picking up by 27% compared with the previous year's figure. Over the period under review, exports posted significant growth. The most prominent rate of growth was recorded in 2018 when exports increased by 62%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, agricultural forestry machinery exports declined to $X in 2022. In general, total exports indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +8.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +44.8% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 63%. As a result, the exports attained the peak of $X, and then contracted in the following year.

Exports by Country

The United States (X units), South Korea (X units) and Russia (X units) were the main destinations of agricultural forestry machinery exports from China, with a combined 41% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by South Korea (with a CAGR of +108.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for agricultural forestry machinery exported from China were South Korea ($X), the United States ($X) and Russia ($X), with a combined 52% share of total exports.

Among the main countries of destination, South Korea, with a CAGR of +89.9%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average agricultural forestry machinery export price amounted to $X per unit, which is down by -30.2% against the previous year. Overall, the export price saw a abrupt curtailment. The growth pace was the most rapid in 2014 when the average export price increased by 8.4%. As a result, the export price reached the peak level of $X per unit. From 2015 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Poland ($X per unit), while the average price for exports to Ukraine ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Poland (-7.1%), while the prices for the other major destinations experienced a decline.

Agricultural Forestry Machinery Imports

Imports into China

Agricultural forestry machinery imports into China reduced notably to X units in 2022, with a decrease of -56.6% on 2021. In general, imports recorded a deep setback. The pace of growth appeared the most rapid in 2017 when imports increased by 19%. Over the period under review, imports attained the peak figure at X units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, agricultural forestry machinery imports fell remarkably to $X in 2022. Overall, imports saw a abrupt slump. The most prominent rate of growth was recorded in 2017 with an increase of 38%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Italy (X units), the Netherlands (X units) and South Korea (X units) were the main suppliers of agricultural forestry machinery imports to China, together comprising 67% of total imports. These countries were followed by Germany, the UK, the United States, Japan and Australia, which together accounted for a further 28%.

From 2012 to 2022, the biggest increases were recorded for the UK (with a CAGR of +9.8%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest agricultural forestry machinery suppliers to China were the Netherlands ($X), Germany ($X) and Italy ($X), with a combined 70% share of total imports.

The Netherlands, with a CAGR of +19.0%, recorded the highest rates of growth with regard to the value of imports, among 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 forestry machinery import price stood at $X per unit in 2022, jumping by 56% against the previous year. Overall, the import price enjoyed strong growth. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per unit), while the price for the UK ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+19.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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