China's machine tool industry is moving towards a good import and export situation and gradually stabilizing

China Machine Tool Industry Association released an analysis on the economic operation of the machine tool industry in the first half of 2020 on November 17. In the first half of the year, the COVID-19 epidemic has seriously affected the machine tool industry, and major economic indicators have dropped significantly in January and February. Since March, major economic indicators have improved month by month, and the trend of stabilization and improvement in May and June has become clear.

From January to June, China's machine tool industry achieved a total revenue of 294.66 billion yuan, down 7.6% year-on-year. Since the beginning of this year, the year-on-year decline in the cumulative completed operating income of each month has been significantly narrowed, and the change in the year-on-year trend has been more obvious, among which the completed operating income of each month has been significantly increased for three consecutive months after April.

In addition, from January to June, the accumulated profit of the machine tool industry reached 15.83 billion yuan, down 2.5% year on year, which was 10.3 percentage points smaller than the year-on-year decline of the total profit of industrial enterprises above the national scale. Since this year each month accumulative total profit year-on-year decline has narrowed significantly.

With the improvement of the epidemic situation in China and the continuous release of a series of policies and measures to stabilize foreign trade, the import and export of foreign trade have gradually recovered since March this year. China's import and export of machine tools and tools in the first half of the year totaled us $12.27 billion, down 12.3% year on year and 3.8 percentage points less than that in the first quarter. Imports fell 15.7 percent year on year, 5.6 percentage points less than in the first quarter. Exports fell 8.9 per cent year on year, a 1.7 percentage point decline from the first quarter.

Due to the global spread of the epidemic, the severe recession of the world economy, contraction of international trade and investment, and increasing uncertainties in foreign trade, the import and export situation of China's machine tool industry remains grim in the second half of the year.

China machine tool industry association analysis indicates that, in a variety of factors, epidemic prevention and control situation in China continues to improve, various policy measures to pay off, step by step to accumulate all kinds of positive factors, but the second half of the industry continued to good foundation under the influence of uncertain factors still larger, expect China machine tool industry is the main economic indicators for the whole year is expected to be flat with the previous year.