Experts urge more efforts to sustain export potential

Despite continuous growth in China's home appliance exports this year, the country must remain clearheaded in the face of a complex and volatile international trade environment, experts said.

"Thanks to a rebound in international demand and inventory replenishment, China's exports of mechanical and electrical products reached about $1.18 trillion in the first seven months, a year-on-year increase of 5.6 percent. It played an important role in boosting the nation's foreign trade," said Zhang Yujing, president of the China Chamber of Commerce for Import and Export of Machinery and Electronic Products.

Zhang's remarks came at the 2024 Industry's Working Conference on Promoting Higher-Quality Exports of Electronics and Home Appliances, which was held last week in Cixi, Zhejiang province.

According to the General Administration of Customs, the cumulative export value of appliances such as electric fans, washing machines, vacuum cleaners, microwave ovens, and LCD televisions reached 409.19 billion yuan ($57.36 billion) from January to July, reflecting an 18.1 percent year-on-year growth. The increase outpaced the national overall export growth rate by 11.4 percentage points.

Wu Guangyu, general manager of Dun &Bradstreet China, said: "The export situation for home appliances has greatly improved compared to last year, showing a strong rebound. Trade dynamics are also shifting.

"However, traditional markets in Europe and North America are growing at a much slower pace compared to Latin America, ASEAN and Africa, indicating a divergence in growth drivers. The fastest-growing trends are emerging in economies involved in the Belt and Road Initiative or in South America."

Wu said Dun &Bradstreet will continue to support the high-quality global expansion of Chinese electronics and home appliance companies by providing services in market insights, targeted customer acquisition, credit risk management, compliance and ESG disclosure and improvement.

On empowering Chinese home appliance companies seeking overseas expansion, Wu said, "Chinese companies have strong technical foundations and have built comprehensive local supply chains, which are advantageous in global market expansion."

However, they also face several challenges, including international trade barriers, and differing legal and regulatory requirements, he said.

For companies "going global", ensuring compliance with business qualifications is crucial. Understanding sanction regulations, blacklists and avoiding potential pitfalls can all be guided by data insights, Wu said.

Zhang said the chamber will fully utilize its industry resources and cooperation channels to provide companies with high-quality platforms for communication and promotion.

The chamber will also offer practical, effective and targeted professional services to help the electronics and home appliances sector explore international markets and achieve high-quality development, Zhang added.