In the first half of 2025, China's machinery industry delivered an impressive foreign trade performance, with the cumulative total of goods trade imports and exports reaching 597.6 billion US dollars, maintaining a year-on-year growth rate of 7.1%. Notably, the green transformation of traditional industries has accelerated, becoming a key highlight of industry development. Among these, electric forklifts, as critical equipment in the logistics and transportation sector, have expanded their market share further due to their low-carbon and environmentally friendly characteristics, with production volume accounting for a staggering 77.1% of total forklift production in the first half of the year. Meanwhile, electric loaders, widely used in construction scenarios, have also seen accelerated market penetration, with sales in June accounting for 25.4% of total loader sales. In July, excavator export data brought more good news, with monthly export sales growing by 31.9% year-on-year, an increase of over 12 percentage points compared to June. This growth rate not only significantly exceeded previous levels but also set a new monthly high in the past two years.
From a corporate perspective, since 2025, leading companies in the construction machinery sector, such as Sany Heavy Industry, XCMG, Zoomlion, and Liugong, have achieved significant results in their international market expansion and layout, with the proportion of overseas business continuing to rise, with some companies approaching or exceeding the key threshold of 50%. Specifically, Sany Heavy Industry saw its overseas revenue grow by 12.15% year-on-year in 2025, accounting for over 60% of the company's total revenue, with the overseas market becoming its core growth driver. Liugong's overseas revenue growth was even stronger, increasing by 20.05% year-on-year, accounting for 45.77% of the company's total revenue, with international business playing an increasingly significant role in supporting the company's development.
From the perspective of export trade patterns, exports from the machinery industry to major global economies maintained double-digit growth in the first half of 2025, with different regional markets exhibiting differentiated growth trends. Among these, exports to ‘Belt and Road’ initiative countries grew by 23.9% year-on-year, and exports to ASEAN countries grew by 24.2% year-on-year, with these two regions becoming the core drivers of export growth; Exports to RCEP member countries and EU countries also performed steadily, with year-on-year increases of 16.7% and 12.3%, respectively, demonstrating the advantages of a diversified market layout.
Focusing on key trading countries, export performance in the first half of 2025 showed some divergence. Exports of machinery to the United States amounted to 47.05 billion USD, down 3.3% year-on-year; exports to Russia reached 20.29 billion USD, down 18.2% year-on-year, with demand in these two markets facing short-term pressure. In contrast, exports to Germany, Japan, and South Korea maintained stable growth, with year-on-year increases of 11.6%, 2.0%, and 5.3%, respectively; while demand from Southeast Asian countries such as Vietnam, Thailand, and Indonesia remained robust, with export growth rates all exceeding 20%, becoming an important supplement to foreign trade growth.
Currently, the external environment facing the development of the machinery industry remains complex and severe. The frequent outbreak of geopolitical conflicts and the escalation of tariff disputes have significantly increased uncertainty in the global trade arena; Meanwhile, the global economic growth rate has slowed, and overall demand in international markets has contracted, with multiple international organisations successively lowering their growth forecasts for the global economy and global trade. Notably, the trade war initiated by the United States continues to evolve, and the future direction of tariff policy adjustments between China and the United States, as well as the United States' tariff policy towards other trading partners, remain highly uncertain, posing challenges to the stable development of the machinery industry's foreign trade operations.
However, domestic policy support has injected strong momentum into the development of the machinery industry. From the Central Economic Work Conference in 2025 to the Central Political Bureau Meeting, a series of policy measures aimed at promoting high-quality development in the machinery industry have been successively introduced. Macroeconomic policies have maintained a sustained momentum while also adjusting their intensity in a timely manner based on the actual development of the industry. The ‘Two New’ (new infrastructure, new urbanisation) policies are continuously expanding and improving in quality, while the ‘Two Major’ (major strategies, major projects) initiatives are being advanced with high-quality implementation. The issuance and use of government bonds are accelerating, and support is being continuously strengthened in key areas such as science and technology innovation, boosting the consumer market, supporting small and medium-sized enterprises, and stabilising foreign trade development. Recently, the Ministry of Industry and Information Technology will also formally issue the 2025 growth stabilisation work plan for the machinery, automotive, and power equipment industries, aiming to enhance the industry's high-quality supply capabilities and optimise the development environment. This will drive the machinery industry to achieve both ‘reasonable growth in quantity’ and ‘effective improvement in quality.’ Overall, the foundational conditions supporting the long-term positive development of the machinery industry remain unchanged. The industry's basic trend of stable growth remains solid, and its core advantages of a solid foundation, strong resilience, and ample potential have not changed. The industry's intrinsic growth momentum continues to be released, and the certainty of achieving high-quality development is steadily increasing.
Looking ahead to the second half of 2025, considering the current industry development trends and policy support, it is anticipated that the economic operation of the machinery industry will continue to maintain a stable and positive overall pattern. The growth rate of major economic indicators for the year is expected to remain around 5.5%, and the scale of foreign trade will remain basically stable, providing strong support for the overall growth of China's industrial economy.
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