The cumulative exports of aluminum wire and cables from January to February was 37,500 tons. The export volume in January was the highest in the past three years [SMM Analysis]

According to customs data, the cumulative exports of aluminum wire and cables from January to February 2024 were 37,500 tons, of which the total export volume in January was 22,500 tons, a month-on-month increase of 32.58%, and a year-on-year increase of 48.61%; exports in February was 15,000 tons, down 33% month-on-month and up 26.52% year-on-year. The total export value of aluminum wire and cables from January to February was $114.87 million. The export value in January was $68.67 million, an increase of 37% month-on-month and a year-on-year increase of 45%. The export value in February was $46.2 million, a month-on-month decrease of 33% and a year-on-year increase of 17% (the above data is based on the two codes 76141000 and 76149000) .
In terms of export registration place, there were a total of 23 export provinces from January to February, mainly concentrated in Jiangsu, Henan, Beijing and Zhejiang. The total export volume from January to February was 28,839 tons, accounting for 76.78% of the total. Among them, Jiangsu Province, as a major province of aluminum wire and cables, exported 17,860 tons from January to February, accounting for 47.5% of the total.
In terms of exporting countries, there were as many as 100 exporting countries from January to February, and the orders were widely distributed. Among countries with a total exports of more than 1,000 tons, exports from January to February were mainly to Ethiopia, Ghana, Uzbekistan and Saudi Arabia, accounting for 33.98% of the total, and the export was not concentrated.
SMM brief comment: Heading into 2024, aluminum wire and cable export volume returned to more than 20,000 tons in January, which was at the peak in the past three years, but failed to break through a three-year high. Subsequently, export volume fell back as downstream companies took holiday.
In 2024, the demand for overseas national power grid construction still exists, and the demand is mainly concentrated in developing countries. In contrast with copper cables, aluminum wire and cables have more advantages on the cost, and Chins has the most complete and competitive power equipment industry chain. With the further release of competitiveness on the demand, export orders for aluminum wire and cables are expected to further increase throughout the year. According to the export logic of previous years, March to June is the peak season for exports. SMM predicts that domestic aluminum wire and cable exports will rebound in March.