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HomeNewsReport on the export situation of the home appliance industry in the first half of 2020

Report on the export situation of the home appliance industry in the first half of 2020

2020-09-12
In the first half of 2020, the emergence of the "black swan" of the new crown virus epidemic has caused severe damage to the global economy. The risk of the economy from weakening to recession has increased significantly, financial market intensified turbulence, supply and demand are facing shrinking, and global trade growth has stagnated. The escalation of geopolitical conflicts, the frequent occurrence of extreme weather events, the remaining uncertain risks of global trade frictions, and the negative effects of the previous Sino-US trade frictions have not been exhausted, and China's home appliance industry exports have been affected to a certain extent.

Significant decline in the first quarter, recovery in the second quarter

From January to June 2020, the cumulative export value of China's household appliance industry was US$35.24 billion, a year-on-year decrease of 2.3%. Among them, the first quarter fell 12.8% year-on-year, and the second quarter recovered somewhat, with an increase of 10.9% in April, a decrease of 3.3% in May, and an increase of 14.19% in June. Although at the beginning of 2020, due to the epidemic, domestic companies cannot start work on time, and it is difficult to deliver orders. However, after entering March, with the orderly progress of the resumption of work and production, the delivery of the backlog of orders in the early stage has accelerated, and the export market has recovered. Exports increased by 10.9% in April, which is speculated to be mainly due to companies' accelerating delivery of pre-orders. Entering May, foreign countries have entered a period of social isolation, and the overall export of home appliances has fallen again. In June, with the further recovery of overseas demand, the export volume turned positive again.

Exports of large/small home appliances and parts continue to differentiate, and air-conditioning maintains positive growth

From January to June 2020, the export of large and small home appliances and parts continued to differentiate. The export volume/value of large household appliances maintained small fluctuations, while the export volume/value of small household appliances and parts and components dropped significantly, and the decline was the largest in the past 10 years. Among them, the cumulative export volume of major home appliances was 120 million units, an increase of 4.2% year-on-year, and the cumulative export value was US$14.42 billion, a year-on-year decrease of 0.41%; the cumulative export volume of small household appliances was 1.16 billion units, a year-on-year decrease of 4.67%, and the cumulative export value was 148.1 Billion US dollars, an increase of 0.7% year-on-year; the cumulative export of parts and components was US$ 6.02 billion, a year-on-year decrease of 12.82%. In terms of major appliances, in June, exports of air conditioners, freezers, and microwave ovens continued the positive growth trend in April and May. The export volume of air conditioners in June was 5.46 million units, a year-on-year increase of 9.94%. The cumulative export volume from January to June was 39.857 million units, a year-on-year increase of 9.8%; the export volume of refrigerators in June was 210 units, a year-on-year increase of 46.9%, from January to June. The cumulative export volume was 9.42 million units, a year-on-year increase of 20.93%; the export volume of microwave ovens in June was 5.488 million units, a year-on-year increase of 11.62%. The cumulative export volume from January to June was 28.21 million units, a year-on-year decrease of 3.2%, and the cumulative export value fell year-on-year 5.36%. The export volume of large home appliances generally outperformed the export volume, indicating that the price competition for export orders has been fierce.

In terms of small household appliances, with the exception of indoor comfort and electric appliances, all categories have continued the double-digit decline this year, and most of them have fallen for the first time in recent years. In terms of sub-categories, from January to June, the export volume of vacuum cleaners continued to lead, with a year-on-year decrease of 0.13%; the scale of electric fans remained second, with a year-on-year increase of 4.1%; electric roasters were one of the poorly performing categories, with a decrease of 0.13%. 6.45%; coffee machines dropped the most at 23.14%; hair dryers, electric shavers, and irons all dropped rapidly.

In addition, the export value of some small household appliances increased year-on-year in June. Vacuum cleaners increased by 24.7% year-on-year, electric fans increased by 39.3% year-on-year, food processors increased by 48.28% year-on-year, and health appliances increased by 55.49% year-on-year.

In addition, among the products that accounted for a small share of total exports, exports of water purifiers, drinking fountains, and electric frying pans also quickly returned to normal, and the cumulative export value in the first half of the year increased year-on-year. Among them, drinking fountains increased by 4.3%, and water purifiers Increased by 32%, electric frying pan increased by 57%.

In terms of parts and components, from January to June, the cumulative export volume/value of refrigeration compressors all declined, by 7% and 9.9% respectively. Among them, air-conditioning compressor exports fell by 8.8% year-on-year, and refrigerator compressors fell 11.4% year-on-year. Their exports in June fell by 32% and 27% respectively; air-conditioning components maintained a small double-digit decline this year.

The products with continuous growth in exports in the second quarter are mainly divided into two categories. The first category is the products that are coming in the overseas consumption season, such as air conditioners and electric fans. According to the rhythm of previous years, after the Spring Festival, air conditioners entered the peak season for export. However, due to the impact of the epidemic, the exports of many companies were affected from February to March. Exports are being expedited from April to May to prepare for the upcoming northern hemisphere. summer. The second category is home appliances whose demand has increased under the influence of the epidemic. Microwave ovens, food processors, vacuum cleaners and Other Products are all good helpers for "home life". The demand for these products generally increased slightly, and the export orders of enterprises also increased slightly. In addition, due to the insufficient supply of meat products caused by the outbreak of epidemics in meat processing plants around the world, orders for products such as refrigerators and refrigerators have increased rapidly. Especially in North America, from January to June, the cumulative export of compact refrigerator products to the United States was 3.23 million units, a year-on-year increase of 31.8%; the export of refrigerator products to the United States was 2.15 million units, a year-on-year increase of 79%.

Continued differentiation in exports to major countries and regions

In the first half of 2020, the export performance of home appliances to major countries and regions varied. Cumulative exports to Asia and Oceania have achieved positive year-on-year growth, with a slight decline in European and American markets, and a sharp decline in Latin America.

In terms of regions, the cumulative export value of home appliances to Asia increased by 0.04% year-on-year, and the global share was 38.9%, ranking first in scale. Cumulative exports to Europe fell by 2.02% year-on-year, 3.1 percentage points narrower than in May. The four consecutive years of rapid growth has been broken, accounting for 26.2% of total global exports, basically the same as last year, ranking second. . Cumulative exports to North America fell by 2.7% year-on-year, and the decline has narrowed to single digits, with a global share of 22.6%, ranking third for three consecutive years, mainly due to the decline in small home appliances. Exports to Latin America fell by 12.7% year-on-year. It was the only region whose export value continued to decline in June, with a decline of 6.4%, the worst performance among all economic regions. Large appliances, small home appliances, and parts all declined simultaneously. They were 11.2%, 16.9% and 9.9% respectively. China's home appliance industry's exports to Africa fell 9.88% year-on-year, breaking the two-year recovery growth trend. Exports to Oceania turned positive, and the cumulative export value increased by 4.56% year-on-year, making it one of the regions that performed better.

In terms of exports to various countries, from January to June, the cumulative export volume to the EU, the United States, Japan and other regions and countries all declined slightly. Among them, the cumulative export value to the United States decreased by 2.65% year-on-year, the export value of major home appliances increased by 1.9% year-on-year, and the export value of small household appliances decreased by 2.43% year-on-year. The decline was further narrowed compared with May. Among them, in the export volume in June, the growth rate of refrigerators, freezers, and refrigerators all reached double digits.

Cumulative exports to the EU and the UK fell by 5.4% year-on-year, breaking the steady growth of the last five years, and exports to the core EU countries fell 1% year-on-year. Among them, major appliances increased by 10.8% year-on-year, and small household appliances decreased by 3.8% year-on-year. Among large home appliances, air conditioners continued to outperform, with cumulative export volume and export value increasing by 76.5% and 56.4% year-on-year, respectively. Export volume and export value in June increased by 119.3% and 78.2% year-on-year, respectively, which is the main engine for the growth of major appliances. Cumulative exports to Japan fell by 4% year-on-year, of which large home appliances increased by 0.9% year-on-year, reversing the negative growth this year; small household appliances and parts fell by 2% and 15.4% respectively. Among large household appliances, refrigerators and freezers have a very obvious pulling effect. The cumulative export value of the two increased by 4% and 69.4% year-on-year respectively. The volume of freezers in June increased by 75% and 72% respectively; air conditioners and washing machines continued to be sluggish; microwave ovens increased by 8.8 %. Among small household appliances, coffee machines, vacuum cleaners, and electric fans all fell by about 20%, but food processing machines increased by 16.2% year-on-year.

Most of the products exported to Japan are produced and sold back by Japanese companies in China, and the performance of exports to Japan is often positively correlated with the domestic market. According to statistics from the Japan Electrical Industry Association, from January to April 2020, Japan's domestic appliance shipments totaled approximately 631.7 billion yen, a year-on-year decrease of 5.3%. Among them, refrigerators decreased by 20.3% year-on-year, washing machines decreased by 14.7% year-on-year, electric water heaters increased by 13.7% year-on-year, and vacuum cleaners increased by 32.3% year-on-year. The rapid growth of China's exports of refrigerators to Japan may be related to the transfer of orders caused by the closure of some factories in Japan due to the epidemic.

In the first half of the year, the cumulative export value of China's household appliance industry to ASEAN countries increased by 19.3% year-on-year, and the growth rate further expanded by nearly 3 percentage points. It has maintained steady growth in the past eight years, which is the main driving force supporting China's household appliance export growth this year. Among large household appliances, air conditioners increased by 25.86% year-on-year, which was the only category that achieved growth. The cumulative export value of refrigerators, freezers, and washing machines all declined slightly year-on-year, but the export volume and export value of refrigerators in June increased significantly by 41.3% and 18.8% year-on-year. To pull action. The growth was mainly in Thailand, Singapore, Indonesia and Vietnam.

We speculate that there are two main reasons for the substantial increase in China's household appliance industry exports to the ASEAN region. On the one hand, Southeast Asia has done better in terms of epidemic control, and the internal economic order in Asia has been maintained, which is conducive to enterprises' trading activities; on the other hand, under the background that the Sino-US trade war is still continuing, some products "borrow" ASEAN countries export to avoid the impact of tariffs imposed by the United States.

In general, China's home appliance exports have shown strong resilience in the face of the global epidemic. On the one hand, in the early stage of the epidemic, various national ministries and commissions conducted multiple investigations into the severe export situation, further implemented measures to stabilize foreign trade, and adopted various trade facilitation measures to help companies further improve export efficiency; on the other hand, some Overseas electrical appliance manufacturers had to temporarily close their production bases during the epidemic. For example, BSH temporarily closed its plants in North Carolina, the United States in March and May, and Whirlpool temporarily closed its plants in Iowa and Oklahoma in March and June. Samsung also temporarily closed its plants in Iowa and Oklahoma. Many overseas production bases in India, Europe, and the United States have been closed. The production rhythm of many overseas countries has been in an intermittent and unconventional state for the past two months. As the first country to resume work and production, and both upstream and downstream have returned to the normal production rhythm, China has steadily provided various home appliances to consumers in various countries during this special period of the epidemic, and the advantages of the industrial chain have been further highlighted.

Shenzhen Maintex Intelligent Control Co., Ltd.
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