Against the backdrop of sluggish global economic growth and slow recovery, the agricultural machinery product market in 2023 faced significant pressure. According to Yu Dongke, Secretary-General of the Engineering and Agricultural Machinery Branch of the China Chamber of Commerce for Import and Export of Machinery and Electronic Products, Chinas total agricultural machinery import and export volume in 2023 is expected to be approximately $14.5 billion, a year-on-year decrease of about 10%, which is seen as a normal market adjustment.import and exportIn the first 10 months of 2023, Chinas total agricultural machinery product import and export volume reached $12.73 billion, a year-on-year decrease of 5.5%. Of this, export value was $11.02 billion, a year-on-year decrease of 8.3%, while import value was $1.71 billion, showing a year-on-year increase of 17.9%.

Among specific product categories, the total import and export volume of tractors, harvesting machinery, and food processing and poultry farming equipment achieved year-on-year growth. In contrast, the total import and export volume of gardening, pasture machinery, and agricultural machinery parts showed a year-on-year decline.

Tractor export value maintained high growth this year. Exports to markets such as Russia, Thailand, Kazakhstan, and Uzbekistan achieved significant year-on-year growth. In the first 10 months, large tractors with over 180 horsepower accounted for more than 90% of Chinas tractor imports, with cumulative import volume and value showing notable year-on-year growth. From January to October 2023, Chinas total tractor import and export volume was $970 million, a year-on-year increase of 30.5%, of which export value was $850 million, a year-on-year increase of 23.9%, and import value was $120 million, a year-on-year increase of 107.9%.

Harvesting machinery products also achieved varying degrees of year-on-year growth in the first 10 months of this year, with combined harvesters and cotton pickers driving the growth of harvesting machinery exports. The total import and export volume of harvesting machinery increased by 31.4% year-on-year, reaching $840 million. Export value was $310 million, a year-on-year increase of 7.3%, while import value was $530 million, a year-on-year increase of 51%.

Harvesting machinery products have generally achieved varying degrees of year-on-year growth in the first 10 months of this year, with combine harvesters and cotton pickers driving the export growth of harvesting machinery. The total import and export value of harvesting machinery increased by 31.4% year-on-year, reaching $840 million. Export value was $310 million, up 7.3% year-on-year, while import value was $530 million, up 51% year-on-year.

Food processing and poultry farmingEquipment ExportMaintained relatively stable growth this year. In the first 10 months, Chinas total import and export volume of food processing and poultry farming machinery reached $900 million, a year-on-year increase of 12.4%. Of this, export value was $780 million, up 11.8% year-on-year, while import value was $120 million, up 17.4% year-on-year.

Affected by weak demand in European and American markets, the export value of gardening and pasture machinery significantly declined in the first 10 months of this year, with export prices continuing to fall. From January to October 2023, the total import and export volume of gardening and pasture machinery was $2.26 billion, down 27.1% year-on-year. Exports amounted to $2.13 billion, a 26.9% decrease, while imports were $130 million, down 29.6%.

Chinas export value of agricultural machinery parts also declined in the first 10 months of this year, with export prices continuing to drop, while import value saw slight growth. The total import and export volume of agricultural machinery parts was $4.73 billion, down 3.4% year-on-year. Exports were $4.04 billion, a 4.3% decrease, while imports rose 2.7% to $690 million.

Overall, although Chinas agricultural machinery products faced some pressure in total import and export volume in 2023, there were still highlights, such as growth in tractor and harvesting machinery exports. However, declining demand in European and American markets and global economic uncertainty continue to pose challenges for Chinas agricultural machinery import and export market.