Institutions point out that as China gradually deepens cooperation with countries participating in the Belt and Road Initiative and enhances the competitiveness of its construction machinery products, engineering machinery exports remain resilient and are expected to maintain growth.
Core Logic
According to data from the China Construction Machinery Association, China's engineering machinery exports reached $8.009 billion (YoY +7.17%) in Jan-Feb 2025, or 57.559 billion yuan (YoY +8.68%) in RMB terms, sustaining growth momentum. Key export regions - the Middle East (12.4 billion yuan/+49%), ASEAN (8.9 billion yuan/+49.3%), and Africa (4.4 billion yuan/+70.3%) - showed strong performance, indicating sustained momentum in Belt and Road emerging markets. With domestic demand clearly recovering and exports maintaining stable growth, the synchronized upward trend in domestic and overseas markets continues to present investment opportunities.
Influenced by the low base in 2024 and ongoing equipment renewal policies, excavator sales saw significant growth in Jan-Feb 2025 (domestic sales: 17,000 units/+51.4%). The government work report emphasizes stabilizing the property market, where urban renewal and old neighborhood renovation under the "quantity control and price stabilization" policy will become new growth drivers for construction machinery demand. Focus remains on steady demand recovery amid improving domestic funding conditions and anticipated global demand rebound.
Forklift sales surged 49.1% YoY in February 2025 (boosted by Spring Festival timing effects in 2024). Jan-Feb cumulative sales grew 9.15% overall, showing steady expansion. While domestic sales remain stable, overseas sales demonstrate robust growth driven by Chinese manufacturers' global deployment and rising international demand, alongside gradual improvement in domestic demand.
(Content selected from the following research reports:)
"Century Securities Equipment Manufacturing Weekly Report (3rd Week of March): Sustained Growth in Construction Machinery Exports"
"Bohai Securities Machinery Equipment Weekly Report: Strong Construction Machinery Activity in February, Focus on Downstream Demand Recovery"
"Guoxin Securities Engineering Machinery Sector Update: 51% YoY Domestic Excavator Sales Growth in Jan-Feb, Export Momentum Continues"
"Donghai Securities Machinery Equipment Sector Brief: Steady Forklift Sales Growth in Jan-Feb, Domestic Leaders Accelerate Global Expansion"
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