SHANGHAI, Apr 9 (SMM) – China’s excavator sales increased 11.6% year on year in March, recovering from a 50.5% tumble in February, as key construction projects resumed work after the coronavirus pandemic outbreak in the country came under control.
Data from China Construction Machinery Association showed that the top 25 Chinese excavator makers sold 49,408 excavators last month, up 11.6% from March 2019. The sales in February were 9,280 units.
In March, domestic excavator sales accounted for 46,610 units, up 11.2% year on year, while exports expanded 17.7% during the same period to 2,798 units.
March’s annual increase in excavator export sales was much smaller than a 62.5% jump in February, as measures introduced by many countries to contain the spread of the pandemic slowed activities.
China’s excavator sales saw its growth accelerating since the middle of March, and the sales are expected to reach a peak in April and see a 55% increase from a year ago, said China Securities in a note.
In the first three months of 2020, excavator sales across the top 25 Chinese excavator makers totalled 68,630 units, down 8.2% from the same period last year.
China Securities expects an 8.87% increase for the full year.