In the first half of 2024, the complexity, severity, and uncertainty of the external environment have significantly increased, and the continuous deepening of domestic structural adjustment has brought new challenges. However, the macroeconomic policy effects continue to be released, external demand has rebounded, and factors such as accelerated development of new quality productivity have also formed new support. China's GDP growth rate has reached 5%.
Most countries and regions maintain rapid growth, with ASEAN leading in growth rate from January to July 2024, China's home appliance industry maintained rapid growth in cumulative exports to most countries and regions. Among them, the export value to Japan has turned positive for the first time this year, but the export volume still decreased year-on-year, and Japan has been continuously sluggish since last year; Developing economies are steadily improving, and ASEAN's growth rate continues to lead. In July, various countries and regions experienced synchronous growth.
In terms of developed economies, from January to July 2024, the cumulative export value of China's home appliance industry to the United States was $11.73 billion, a year-on-year increase of 2.8%. Among them, the export volume in July increased by 12.6% year-on-year, showing improvement compared to the previous two months. The cumulative export value to the EU and the UK was 14.62 billion US dollars, a year-on-year increase of 17.2%, continuing the growth trend that began in October last year. Among them, the export value in July increased by 25.1%, and the month on month growth rate continued to accelerate, making it one of the main driving regions for China's home appliance exports this year. The cumulative export value to Japan was 4.248 billion US dollars, a year-on-year increase of 0.43%, but the export volume still decreased by 3.3% year-on-year, and the decline narrowed slightly.
In terms of emerging markets and developing economies, from January to July, the cumulative export value of China's home appliance industry to BRICS countries was 8.93 billion US dollars, a year-on-year increase of 14%, continuing the steady growth trend of last year. The trend of country differentiation continues, with cumulative exports to Brazil and the United Arab Emirates maintaining the high growth trend of last year; Russia has been in a sustained slump this year, with cumulative exports decreasing by 3.4% year-on-year, breaking the rapid growth trend since November 2022; Both South Africa and Egypt have improved from last year's slump, with the previous two months showing signs of improvement; The cumulative export value to Mexico was 2.13 billion US dollars, a year-on-year increase of 44.2%.
From January to July 2024, the cumulative export value of China's home appliance industry to ASEAN countries was 7.17 billion US dollars, a year-on-year increase of 16.9%, continuing the steady growth trend of the past decade and accelerating the growth rate. The overall trend of differentiation continues in major countries.
In addition, from January to July 2024, the cumulative export value of China's home appliance industry to West Asian and North African countries was 7.61 billion US dollars, a year-on-year increase of 14%, continuing the positive trend since last year.
In the first half of 2024, the export speed of the home appliance industry will accelerate, mainly due to two aspects: first, the end of destocking in overseas markets such as Europe and America, and channel replenishment further driving the improvement of the industry's prosperity; Secondly, the rapid development of cross-border e-commerce platforms such as TEMU provides a new model for going global, which is helpful for the output of some white label production capacity.
As for the second half of the year, the US consumer market, which has long been in a high interest rate environment, is showing a trend of weakening. However, with the upcoming US election and high expectations of tariffs, there may also be a phenomenon of export competition for some products. In addition, while cross-border e-commerce brings new orders, the profit of each order is declining in fierce competition. Meanwhile, as the expectation of the Federal Reserve's interest rate cut in 2024 further strengthens, the Chinese yuan may also experience a slight appreciation against the US dollar. All of these will have a certain impact on export enterprises. But overall, the export volume of China's home appliance industry is still expected to exceed 100 billion US dollars in 2024.
Suzhou Youde Electric Co., Ltd--Professional Copper filter drier, Access Valve, Copper fittings,Service valves, Branch pipes, brass union brass nuts, Aluminun fittings manufacture.