Chinese Home Appliance Exports Surge in 2023

tendata blogTrade Trends News

ten data blog03-01-2024

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China's home appliance exports surged in 2023, driven by major brands vigorously expanding into overseas emerging markets such as Southeast Asia, the Middle East and Africa. According to the General Administration of Customs, China's home appliance exports rose 13.4% year-on-year to $7.24 billion in November, boosted by the Christmas shopping season and a lower comparative base from the previous year. This marks the fourth consecutive month of growth.

From January to November, China's home appliance exports amounted to $80.47 billion, up a steady 2.8% year-on-year. Industry experts, including Guoxin Securities, expect exports of Chinese-made home appliances to continue to grow in 2024, supported by falling raw material prices and ocean freight.

Global market research firm GfK reported significant growth in exports of Chinese home appliances to various regions. from January to October, exports to the 22 countries of the League of Arab States, Latin America, and Africa grew by 15.41%, 18.36%, and 21.84% year-on-year, respectively.

However, due to high inflation and trade barriers, the growth rate of Chinese home appliance exports to Europe and North America will slow down in 2023. This has prompted manufacturers to explore emerging markets for growth opportunities. Zhou Nan, Secretary General of the Home Appliances Sub-Council of the China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME), emphasized the potential of the Middle East and Africa as key markets for participation in the Belt and Road Initiative.

Chinese home appliance companies are actively expanding their global footprint. Midea Group, China's leading home appliance maker, announced the launch of its third manufacturing base in Egypt, with an investment of 830 million yuan ($116.9 million). These new factories producing refrigerators and washing machines are expected to start operations in the second half of 2025 to meet local demand in Egypt, as well as growing demand for home appliances in Africa, the Middle East and Europe.

Guangdong Xinbao Electric Appliances Holdings Co. opened its first overseas factory in Indonesia last year, with plans to explore opportunities in countries and regions along the Belt and Road. Chinese consumer electronics company TCL Technologies Group Inc. is strengthening its global presence, focusing on smart terminals, semiconductor displays and new energy photovoltaics. The company has set up production bases in Vietnam, India, Poland, Mexico, Brazil and other countries to strengthen localized production operations.

Data from China, a research organization specializing in home appliance market data monitoring, showed that China's exports of air conditioners, refrigerators, and washing machines grew sharply from January to October. Air conditioners exported 58.08 million units, up 5.1% year-on-year; refrigerators exported 36.32 million units, up 22.2%. Washing machine exports also rose sharply by 36% to 31.79 million units.

Establishing production bases in overseas markets not only brings China's advanced manufacturing, R&D and management capabilities to the region, but also creates local employment opportunities. This has enhanced the competitiveness of Chinese companies in the global market, said Liang Zhenpeng, an independent consumer electronics analyst.

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