A big increase in production and sales in July refrigerator freezers got off to a good start in the third quarter

SMM: the latest data from Industry online show that the production and sales of the refrigerator and freezer industry increased by more than 25% in July compared with the same period last year, opening up a new situation in the refrigerator and freezer industry in the third quarter with a strong growth momentum, of which the production and sales of freezers grew by more than 45% over the same period last year.

Comparison of basic Operation Indexes of refrigerator and freezer Industry in July 2020 (10,000 sets)

Production-order surge

In July, 11.466 million refrigerators and freezers were produced, an increase of 31.3% over the same period last year. After a sharp decline during the epidemic and a pick-up in the second quarter, orders in the refrigerator and freezer industry increased sharply at the beginning of the third quarter, most of which were export orders. Some enterprise orders have been fully booked to the fourth quarter, even the previous off-season downtime maintenance plans have been postponed, a small number of enterprises have also appeared the situation that it is difficult to recruit workers with insufficient manpower.

Domestic sales-better than terminal

4.663 million refrigerators and freezers were sold domestically in July, an increase of 15.2% over the same period last year. From the terminal point of view, the market fell slightly after the "6.18" centralized promotional stimulus, especially after the offline market was slightly weak after overdraft. However, from the point of view of domestic shipments, the situation is slightly better than terminal sales, on the one hand, because some shipments in July are orders sold in advance of "6.18", on the other hand, after a big boost in consumption in June, some dealers need to replenish terminal inventory.

Exports-rising against the trend

In the past three quarters, the refrigerator freezer industry began to gradually enter the export off-season, but this year there has been a sharp increase against the trend. A total of 6.697 million refrigerators and freezers were exported in July, an increase of 36.5 percent over the same period last year, not only the peak of monthly exports this year, but also the highest export volume in July in the past five years.

The main reasons for the upsurge in refrigerator exports are as follows:

China's own industrial chain is perfect, and the recovery of production capacity after the epidemic is good. Many enterprises have been able to produce at full capacity, while the situation of enterprises returning to work and production in most other countries is still not optimistic.

With the improvement of the epidemic in some overseas regions, the demand for fresh food and transportation has gradually recovered, and the demand for stored food has rebounded; in the global economic downturn, consumers prefer low-priced products; and the export of refrigerators and freezers in China is mainly at the middle and low end, which meets the current market demand. The superposition of various factors promoted the growth of consumption.

Affected by the uncertainties of China, the United States and global trade, some dealers choose to gradually increase inventory. From a sub-regional point of view, the United States and Australia are still the main sources of growth, while Europe, Asia, the Middle East and other places have also improved slightly.

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