In 2024, there will be a slight recovery in global trade, and the supply chain pattern will continue to reshape. With global inflation declining, developed countries' currency tightening cycles coming to an end, and inventory cycles shifting, overseas market demand is gradually entering a repair channel. The export of China's home appliance industry has developed steadily, continuing the overall improvement trend since August last year. Among them, the first quarter increased by 9.5% year-on-year, and the second quarter increased by 12.1% year-on-year.
In July 2024, the export value of China's home appliance industry reached 9.64 billion US dollars, a year-on-year increase of 20.1%, continuing the high double-digit growth trend of the previous two months; The cumulative export value from January to July was 66.05 billion US dollars, a year-on-year increase of 13.2%. Since the growth rate began to turn positive in November last year, it has continued to improve, and the scale continues to reach the best level in history. In RMB settlement, the cumulative export value of Chinese household appliances in July 2024 increased by 15.2% year-on-year, the cumulative import value was 1.92 billion US dollars, a year-on-year decrease of 9.3%, and the cumulative surplus was 64.13 billion US dollars, an increase of 14.1%.
The export performance of air conditioning products shows a trend of both quantity and value, with a cumulative year-on-year increase of 26.0% in export volume and 18.7% in export value from January to July. According to cumulative customs data, exports to the United States have continued to decline, with a year-on-year decrease of 13.7% in volume and 12.3% in value; The export volume to Russia increased by 12.7% year-on-year, and the export value increased by 2.2% year-on-year; The export growth rates to Japan, Iraq, Saudi Arabia, the United Arab Emirates, Thailand, and Indonesia were 21.7%, 6.5%, 14.1%, 43.9%, 67.6%, and 45.2%, respectively; The export volume to Mexico increased by 66.8% year-on-year, the export volume to Italy increased by 21.0% year-on-year, and the export volume to Brazil increased by 138.2% year-on-year.
From January to July, the cumulative export volume of refrigerators increased by 21.9% year-on-year, and the export value increased by 22.0% year-on-year. Looking at it by country, the United States remains the top exporter of Chinese refrigerators, with both volume and value showing a year-on-year increase of 24.7% in export volume and 20.5% in export value; The export volume to Japan decreased by 1.7% year-on-year, and the export value decreased by 2.3% year-on-year; The export volume to the UK, France, Germany, Italy, Spain, and the Netherlands increased by 10.8%, 35.8%, 8.9%, 40.7%, 18.2%, and 36.9% year-on-year, respectively; The export volume to Mexico increased by 64.9% year-on-year; The export volume to Brazil increased by 92.4% year-on-year.
In terms of components, this year we will gradually get rid of the sluggish situation in the fourth quarter of 2022. Among them, from January to July, the cumulative export volume of air conditioning compressors increased by 23.2% year-on-year, and the export value increased by 3.01% year-on-year; The refrigerator compressor has gradually improved since the fourth quarter of last year, and the cumulative export has reversed last year's situation of declining volume and value. The export volume and value have increased by 17% and 10% respectively year-on-year.
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