Enamelled wire has a wide range of applications, with power tools accounting for about 8%. China is not only the world's largest producer of power tools but also the largest exporter, with approximately 80% of power tools exported globally. According to the SMM survey, the consumption of enamelled wire in the power tool industry decreased MoM in September. So, how did power tool exports perform? This article provides a brief analysis of China's portable power tool export data (HS codes: 84672100, 84672990, 84672290, 84672920, 84672910).
According to customs data, the growth rate of power tool exports slowed in September 2024, with export volume decreasing by 4.37 million units compared to August. However, from a historical perspective, the export volume of power tools in September remained at a high level. Specifically, in September, China's portable power tool export volume was 29.1017 million units, down 13.1% MoM but up 18.6% YoY. From January to September, the cumulative export volume was 265.3843 million units, up 24% YoY (HS codes: 84672100, 84672990, 84672290, 84672920, 84672910).
From January to September 2024, the export volume of portable power tools increased by 24% YoY, with portable electric drills up 29.3% YoY and portable electric saws up 32% YoY.
In terms of export destinations, China's portable power tools were mainly exported to the US, Russia, Germany, and India, which together accounted for 39% of the market share. The US remains the primary market for China's power tools, but its share decreased YoY. Specifically, from January to September 2024, China exported 44.7053 million portable power tools to the US, accounting for 16.85% of the total, with the export volume down 0.48% and the market share down 4.16% YoY. Additionally, the number of power tools exported to Brazil and Kazakhstan increased significantly by 113.78% and 142.32% YoY, respectively.
SMM will continue to monitor the end-use dynamics of enamelled wire and promptly capture market information.
