Seals; Mechanical Price in China - 2023

Seals; Mechanical Price in China (CIF) - 2023

The average seals; mechanical import price stood at $5.8 per unit in September 2023, growing by 12% against the previous month. Over the period from September 2022 to September 2023, it increased at an average monthly rate of +1.3%. The pace of growth appeared the most rapid in May 2023 when the average import price increased by 41% m-o-m. Over the period under review, average import prices reached the maximum at $6.9 per unit in February 2023; however, from March 2023 to September 2023, import prices stood at a somewhat lower figure.

Prices varied noticeably by the country of origin: the country with the highest price was the United States ($24.0 per unit), while the price for Japan ($1.8 per unit) was amongst the lowest.

From September 2022 to September 2023, the most notable rate of growth in terms of prices was attained by the United States (+5.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Seals; Mechanical Price in China (FOB) - 2023

In September 2023, the average seals; mechanical export price amounted to $1.1 per unit, which is down by -11.8% against the previous month. Overall, the export price showed a abrupt decrease. The most prominent rate of growth was recorded in June 2023 when the average export price increased by 21% m-o-m. Over the period under review, the average export prices attained the peak figure at $3.0 per unit in February 2023; however, from March 2023 to September 2023, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In September 2023, the country with the highest price was Russia ($2.7 per unit), while the average price for exports to the United States ($325 per thousand units) was amongst the lowest.

From September 2022 to September 2023, the most notable rate of growth in terms of prices was recorded for supplies to Russia (+5.9%), while the prices for the other major destinations experienced more modest paces of growth.

Seals; Mechanical Imports in China

In 2022, overseas purchases of seals; mechanicals decreased by -18.1% to 43M units for the first time since 2018, thus ending a three-year rising trend. Over the period under review, imports continue to indicate a slight decrease. The growth pace was the most rapid in 2020 when imports increased by 12% against the previous year. Imports peaked at 52M units in 2021, and then shrank dramatically in the following year.

In value terms, seals; mechanical imports reduced to $217M in 2022. The total import value increased at an average annual rate of +3.2% over the period from 2019 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 23%. As a result, imports reached the peak of $245M, and then declined in the following year.

Import of Seals; Mechanical in China (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Germany	57.5	53.7	69.3	69.3	6.4%
Japan	30.5	29.4	31.4	28.5	-2.2%
United States	24.4	24.3	36.1	25.1	0.9%
United Kingdom	11.5	11.5	13.3	13.8	6.3%
South Korea	7.9	9.4	14.2	13.3	19.0%
Italy	5.4	4.1	4.9	7.4	11.1%
Mexico	3.3	3.9	5.6	6.8	27.3%
Netherlands	4.6	3.2	5.6	3.6	-7.8%
Taiwan (Chinese)	11.3	N/A	N/A	N/A	0%
Others	41.5	58.8	64.2	49.8	6.3%
Total	198	198	245	217	3.1%

Top Suppliers of Seals; Mechanical to China in 2022:

Japan (12.5M units)
Germany (12.3M units)
South Korea (3.9M units)
United States (1.9M units)
Italy (1.1M units)
United Kingdom (1.1M units)
Mexico (0.9M units)
Netherlands (0.6M units)

Seals; Mechanical Exports in China

In 2022, seals; mechanical exports from China fell to 126M units, declining by -9.2% on 2021. Overall, total exports indicated a prominent expansion from 2019 to 2022: its volume increased at an average annual rate of +7.7% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +37.7% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 52% against the previous year. As a result, the exports reached the peak of 139M units, and then contracted in the following year.

In value terms, seals; mechanical exports skyrocketed to $212M in 2022. In general, total exports indicated a buoyant increase from 2019 to 2022: its value increased at an average annual rate of +13.4% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +52.2% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 25% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to see steady growth in years to come.

Export of Seals; Mechanical in China (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
United States	20.5	20.1	32.5	40.9	25.9%
Russia	4.0	4.2	5.9	16.6	60.7%
South Korea	5.8	8.8	7.9	13.1	31.2%
Italy	7.2	6.2	9.7	11.2	15.9%
Spain	5.1	5.3	7.5	7.3	12.7%
Indonesia	5.4	4.8	5.8	7.1	9.6%
India	4.1	4.1	4.8	6.2	14.8%
Germany	5.3	3.7	7.4	5.2	-0.6%
Turkey	3.4	3.6	5.8	4.9	13.0%
Vietnam	2.9	3.8	5.0	4.9	19.1%
Thailand	2.9	2.8	4.1	4.7	17.5%
United Arab Emirates	2.5	1.9	3.6	3.8	15.0%
Pakistan	5.7	4.2	3.0	2.3	-26.1%
Others	70.7	66.0	71.5	84.2	6.0%
Total	146	139	174	212	13.2%