driven by the increase in demand for downstream automobiles, engineering machinery, electrical equipment and aerospace military products, china's machine tool companies delivered mid-year report cards in the first half of the year. among them, qinchuan machine tool, huazhong cnc, and shandong weida achieved steady gains.
market warms up
according to the statistics of the china machine tool industry association, the consumption of machine tools showed a slight increase in the first half of the year. in the first half of 2017, the consumption of metal processing machines (including metal cutting machine tools and metal forming machines) was us$13.6 billion, an increase of 3.8% year-on-year. among them, metal cutting machine tools consumed 9 billion us dollars, down 2.2% year-on-year; metal forming machine tools consumption 4,600,000,000 us dollars, an increase of 17.9%. in the first half of 2017, the consumption of tools (including cutting tools and gauges) was us$2.5 billion, a year-on-year increase of 25.0%. according to the association, the slight decrease in consumption of metal-cutting machine tools was mainly due to the combined effect of declining exchange rate of rmb, flat domestic output, increased exports, and declining imports.
at the same time, domestic machine tool production showed a year-on-year growth. in the first half of 2017, the output of metal processing machine tools reached us$11.3 billion, an increase of 7.4% year-on-year. among them, the output of metal cutting machine tools was 6.9 billion u.s. dollars, which was a year-on-year increase; the metal forming machine tools output was 4.4 billion u.s. dollars, a year-on-year increase of 21.5%. in the first half of 2017, the tool output was 2.9 billion u.s. dollars, a year-on-year increase of 20.8%. the production of metal forming machine tools and tool products has shown a significant pick-up.
the foreign trade situation in the field of machine tool tools showed a trend of stabilizing and improving. in the first half of 2017, the export of machine tools significantly recovered, with an export value of us$5.4 billion, a year-on-year increase of 10.3%. the import of machine tools achieved a “negative to positive” growth rate. imports the amount of 6.9 billion us dollars, an increase of 5.4%. the trade deficit was 1.5 billion u.s. dollars, down 8.3% year-on-year.
specifically, the export value of metal processing machine tools was us$1.5 billion, an increase of 8.5% year-on-year; the import value of metal processing machine tools was us$3.8 billion, a year-on-year decrease of 3.4%.