Home appliance exports rise 5.2 percent in China

Home appliance exports from China reached 296.7 billion yuan in the first half of 2023, a year-on-year increase of 5.2 percent.

At the same time, the domestic sales scale of the home appliance industry was 371.1 billion yuan, a year-on-year increase of 2.8 percent.

Both data are included in the China Home Appliance Industry Semiannual Report 2023, conducted by the China Home Appliance Research Institute and compiled by the National Home Appliance Industry Information Center.

Midea Group, a Chinese manufacturer in this industry, exposed that the upgrade pace of home appliance products continues to accelerate and the basic functions and performance of products improve, the same as the appearance design.

In the first half of 2023, China’s economic recovery is still in a period of restorative growth.

After China’s GDP increased 5.5% year-on-year in the first half of the year, Midea Group believes that the consumer market is warming up and the recovery of the home appliance industry is accelerating.

Home appliance exports

However, the pace of recovery among industries and departments has obvious differences. The performance of household consumption, such as home appliances, furniture and home decoration, is relatively weak.

Among them, the domestic market performance of the home appliance industry is basically consistent with the macroeconomic trend. The recovery progress accelerated in the second quarter, but the performance of subcategories differs greatly.

In the first half of 2023, according to data released by the National Home Appliance Industry Information Center, retail sales of the air conditioner market were 90.7 billion yuan, a year-on-year increase of 16 percent.

Both early high temperatures in the south this year and continued high temperatures in the north China plain, combined with last year’s low base, drove the high growth of air conditioner sales.