China: Interchangeable Tool Market 2024

Interchangeable Tool Market Size in China

In 2022, the Chinese interchangeable tool market increased by X% to $X for the first time since 2018, thus ending a three-year declining trend. Over the period under review, consumption, however, saw a slight curtailment. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Interchangeable Tool Production in China

In value terms, interchangeable tool production reached $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. As a result, production attained the peak level of $X; afterwards, it flattened through to 2022.

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Interchangeable Tool Exports

Exports from China

In 2022, overseas shipments of interchangeable tools for hand tools decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports, however, showed prominent growth. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. The exports peaked at X tons in 2021, and then dropped in the following year.

In value terms, interchangeable tool exports expanded slightly to $X in 2022. Overall, total exports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2018 indices. The pace of growth appeared the most rapid in 2021 with an increase of X%. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

The United States (X tons) was the main destination for interchangeable tool exports from China, with a X% share of total exports. Moreover, interchangeable tool exports to the United States exceeded the volume sent to the second major destination, Germany (X tons), twofold. The third position in this ranking was taken by Russia (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (X% per year) and Russia (X% per year).

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

From 2012 to 2022, the average annual growth rate of value to the United States amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (X% per year) and Russia (X% per year).

Export Prices by Country

The average interchangeable tool export price stood at $X per ton in 2022, rising by X% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. Over the period under review, the average export prices attained the maximum at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Russia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Interchangeable Tool Imports

Imports into China

In 2022, purchases abroad of interchangeable tools for hand tools decreased by X% to X tons, falling for the fourth consecutive year after two years of growth. Over the period under review, imports showed a drastic downturn. The growth pace was the most rapid in 2014 with an increase of X%. Imports peaked at X tons in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, interchangeable tool imports declined dramatically to $X in 2022. In general, imports continue to indicate a pronounced decline. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

Japan (X tons), Germany (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of interchangeable tool imports to China, together comprising X% of total imports. South Korea, Sweden, Vietnam, the United States and Spain lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), Germany ($X) and Taiwan (Chinese) ($X) constituted the largest interchangeable tool suppliers to China, with a combined X% share of total imports. South Korea, the United States, Sweden, Spain and Vietnam lagged somewhat behind, together comprising a further X%.

Vietnam, with a CAGR of X%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average interchangeable tool import price amounted to $X per ton, with an increase of X% against the previous year. Overall, import price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, interchangeable tool import price increased by X% against 2015 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by X% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in years to come.

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 the United States ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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