Machinery industry to stay on healthy growth track

A staff member checks the engineering vehicles at a construction machinery company in Yantai, East China's Shandong province, on Jan 17, 2022. - Xinhua

BEIJING: Both the sales revenue and profit of China’s machinery industry are expected to grow 5% year-on-year in 2023, while its exports will maintain steady development momentum, market insiders say.

Although confronting uncertainties caused by high prices of materials such as nickel, lithium and graphite, and geopolitical tensions, the foreign trade of China’s machinery industry – a key economic indicator – rose 3% on a yearly basis to US$1.07 trillion (RM4.7 trillion) in 2022, maintaining US$1 trillion (RM4.4 trillion) of foreign trade value for the second consecutive year, said the Beijing-based China Machinery Industry Federation (CMIF) during a news conference.