Industry News: Features of foreign trades of China’s hardware industry in 2014

The trade scale continues to expand and total export volume breaks 100 billion
According to the Customs’ statistics, total foreign trade volume of China’s hardware industry in January – December 2014 was 124.325 billion US dollars, growing 10.24% year on year which was 2.63% higher than the previous year. The import volume during the aforesaid period time was 100.834 billion US dollars, growing 11.31% year on year; the export volume was 23.492 billion US dollars, growing 5.85% year on year. Both imports and exports of China’s hardware industry have realized positive growth with respect to the growth rate.

In January – December 2014, import and export volumes of four sub-sectors, including architectural hardware, tooling, sanitary ware and hardware for daily use, were comparatively high in the whole hardware industry and accounted for 78.2% of the overall foreign trade volume of the industry. All sub-sectors have realized positive growth. The sectors of lock, tool, kitchenware, aluminum ware and sanitary ware have seen comparatively high growth rates, which were higher than the average growth rate of the industry.

II. The trade surplus continues to increase and capacity to earn foreign exchange through exports has been improved
As China’s hardware industry is export oriented, the export trade plays an important role in the industry’s development. In January –December 2014, foreign trade surplus of China’s hardware industry was 77.342 billion US dollars, which was 11.712 billion US dollars higher than that of the corresponding period in 2013, growing 17.85% year on year. The rapid growth of trade surplus reflected the hardware industry’s strengthened capacity to earn foreign exchange through exports as well as the significantly improved international competitiveness of China’s hardware industry.