China: Hand Tools Market 2024

Hand Tools Market Size in China

In 2021, after three years of growth, there was significant decline in the Chinese hand tools market, when its value decreased by -35.4% to $X. Overall, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2020, and then declined significantly in the following year.

Hand Tools Production in China

In value terms, hand tools production reduced to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 18%. Hand tools production peaked at $X in 2020, and then shrank modestly in the following year.

Hand Tools Exports

Exports from China

For the third consecutive year, China recorded growth in overseas shipments of hand tools, which increased by 21% to X tons in 2021. Overall, exports continue to indicate moderate growth. The growth pace was the most rapid in 2017 when exports increased by 308%. The exports peaked in 2021 and are expected to retain growth in the near future.

In value terms, hand tools exports surged to $X in 2021. Over the period under review, total exports indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +8.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +80.7% against 2016 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for hand tools exports from China, accounting for a 9.1% share of total exports. Moreover, hand tools exports to the United States exceeded the volume sent to the second major destination, India (X tons), fourfold. Russia (X tons) ranked third in terms of total exports with a 2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States totaled +5.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+9.8% per year) and Russia (+5.4% per year).

In value terms, the United States ($X) remains the key foreign market for hand tools exports from China, comprising 11% of total exports. The second position in the ranking was held by India ($X), with a 2.6% share of total exports. It was followed by Germany, with a 2.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States amounted to +6.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+15.0% per year) and Germany (+8.1% per year).

Export Prices by Country

In 2021, the average hand tools export price amounted to $X per ton, surging by 14% against the previous year. In general, the export price posted a measured increase. The most prominent rate of growth was recorded in 2016 when the average export price increased by 252% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2017 to 2021, the average export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to India (+4.8%), while the prices for the other major destinations experienced more modest paces of growth.

Hand Tools Imports

Imports into China

Hand tools imports into China surged to X tons in 2021, jumping by 48% on 2020 figures. Over the period under review, total imports indicated strong growth from 2012 to 2021: its volume increased at an average annual rate of +6.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +81.3% against 2019 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, hand tools imports soared to $X in 2021. The total import value increased at an average annual rate of +2.3% from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Taiwan (Chinese) (X tons) constituted the largest supplier of hand tools to China, with a 50% share of total imports. Moreover, hand tools imports from Taiwan (Chinese) exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), fourfold. Thailand (X tons) ranked third in terms of total imports with a 4.5% share.

From 2012 to 2021, the average annual growth rate of volume from Taiwan (Chinese) amounted to +5.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+87.0% per year) and Thailand (+66.1% per year).

In value terms, Taiwan (Chinese) ($X), Japan ($X) and Switzerland ($X) constituted the largest hand tools suppliers to China, together accounting for 42% of total imports. Germany, the United States, Vietnam, Thailand, Italy and the United Arab Emirates lagged somewhat behind, together comprising a further 24%.

Among the main suppliers, Vietnam, with a CAGR of +71.9%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average hand tools import price stood at $X per ton in 2021, with a decrease of -14.4% against the previous year. In general, the import price saw a pronounced shrinkage. The most prominent rate of growth was recorded in 2014 when the average import price increased by 19%. Over the period under review, average import prices reached the maximum at $X per ton in 2016; however, from 2017 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+3.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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