Editor's note: A magnitude 9 earthquake occurred in the waters off the east coast of Honshu , Japan. The huge tsunami caused by the earthquake struck the eastern coastal areas of Japan, including Miyagi, Fukushima, Iwate, Tochigi and Ibaraki Prefecture. The occurrence of the earthquake has seriously affected the rapid development of the Japanese economy. A large number of factories have been forced to stop work, but no construction machinery companies have announced that production has ceased.
This is because, in recent years, Japanese construction machinery companies have developed rapidly. Like the Japanese automobile industry, they are leading the industry in lean production and energy-saving technologies, such as Hitachi, Komatsu excavators, and Kawasaki hydraulic parts. Limited by domestic resources and human resources constraints, many Japanese construction machinery companies with core technologies have set up factories overseas to develop globally. The main production capacity is overseas, so the earthquake disaster will not affect the Japanese construction machinery enterprises.
China's import and export situation with Japan
According to customs statistics, in 2010, the total import and export volume of machinery industry was US$513.83 billion, an increase of 36.39% over the same period of the previous year (hereinafter referred to as the same period of last year). Among them, imports were 255.347 billion US dollars, up 41.14% year-on-year; exports were 258.48 billion US dollars, up 32% year-on-year. The trade surplus between import and export was 3.136 billion US dollars.
The distribution of exports has begun to change, and the share of exports to developed economies has begun to decline, with the proportion of emerging economies and developing countries rising. Among the total exports, the proportion of the developed economies of the European Union, the United States, and Japan fell from 43.53% in 2008 to 41.55% in 2010.
Japan is China's top three importers and exporters of construction machinery, but China's imports of Japanese construction machinery can reach as much as $2.5 billion a year, while exports of Japanese construction machinery are less than $400 million a year. China's imported Japanese construction machinery is mainly used excavators, elevators and crawler bulldozers. All three types of products account for more than 70% of similar products imported from China.
Impact on China's construction machinery
Although Japan is one of China's largest exporters of construction machinery, due to the low concentration of China's construction machinery export market, exports of Japanese construction machinery account for only 8% of China's total exports. China's export to Japan is mainly low-end and complete. Spare parts.
The earthquake disaster in Japan has destroyed many transportation infrastructures such as ports, railways, highways, and bridges. The future post-disaster reconstruction work is huge, and the demand for construction machinery products in Japan is growing. Japan is a strong country in construction machinery manufacturing. It cannot be expected that Japan will import a large number of construction machinery from China after the disaster reconstruction. Japanese Komatsu, Hitachi Construction Machinery, Ishikawa Island, Kobelco, Takeuchi, Yanmar, Sumitomo and other enterprises will inevitably provide machinery for post-disaster reconstruction. equipment.
However, it can be expected that post-disaster reconstruction will cause China's imports of construction machinery from Japan, especially used excavators, to fall sharply, and the market for used excavators will be mainly replaced by domestic excavators, so domestic excavator manufacturers will benefit. In recent years, China's annual import of second-hand excavators accounts for more than 90% of the total import volume of excavators, accounting for more than 35% of total domestic sales. The number of imported products exceeds the total amount of domestic national brand excavators, and imported second-hand excavators are Japanese brands. Mainly. The post-disaster reconstruction will inevitably lead to a decrease in the export of Japanese construction machinery, which will affect the quantity of second-hand excavators exported to China. China's domestic excavators will gain import substitution space, and the localization rate is expected to increase rapidly from around 20% to over 30%. It can be seen that China's construction machinery industry has played a facilitating role.
Although the engine supply may decline, considering the existing parts inventory, it is expected that the domestic OEM will maintain normal production in the short term. Among the excavator main engines, Liugong's production is not affected due to the use of Cummins engines, and may benefit from the limited capacity of other mainframe plants.
Overall, the earthquake in Japan has had a certain impact on Chinese construction machinery, but the impact is not significant.
This is because, in recent years, Japanese construction machinery companies have developed rapidly. Like the Japanese automobile industry, they are leading the industry in lean production and energy-saving technologies, such as Hitachi, Komatsu excavators, and Kawasaki hydraulic parts. Limited by domestic resources and human resources constraints, many Japanese construction machinery companies with core technologies have set up factories overseas to develop globally. The main production capacity is overseas, so the earthquake disaster will not affect the Japanese construction machinery enterprises.
China's import and export situation with Japan
According to customs statistics, in 2010, the total import and export volume of machinery industry was US$513.83 billion, an increase of 36.39% over the same period of the previous year (hereinafter referred to as the same period of last year). Among them, imports were 255.347 billion US dollars, up 41.14% year-on-year; exports were 258.48 billion US dollars, up 32% year-on-year. The trade surplus between import and export was 3.136 billion US dollars.
The distribution of exports has begun to change, and the share of exports to developed economies has begun to decline, with the proportion of emerging economies and developing countries rising. Among the total exports, the proportion of the developed economies of the European Union, the United States, and Japan fell from 43.53% in 2008 to 41.55% in 2010.
Japan is China's top three importers and exporters of construction machinery, but China's imports of Japanese construction machinery can reach as much as $2.5 billion a year, while exports of Japanese construction machinery are less than $400 million a year. China's imported Japanese construction machinery is mainly used excavators, elevators and crawler bulldozers. All three types of products account for more than 70% of similar products imported from China.
Impact on China's construction machinery
Although Japan is one of China's largest exporters of construction machinery, due to the low concentration of China's construction machinery export market, exports of Japanese construction machinery account for only 8% of China's total exports. China's export to Japan is mainly low-end and complete. Spare parts.
The earthquake disaster in Japan has destroyed many transportation infrastructures such as ports, railways, highways, and bridges. The future post-disaster reconstruction work is huge, and the demand for construction machinery products in Japan is growing. Japan is a strong country in construction machinery manufacturing. It cannot be expected that Japan will import a large number of construction machinery from China after the disaster reconstruction. Japanese Komatsu, Hitachi Construction Machinery, Ishikawa Island, Kobelco, Takeuchi, Yanmar, Sumitomo and other enterprises will inevitably provide machinery for post-disaster reconstruction. equipment.
However, it can be expected that post-disaster reconstruction will cause China's imports of construction machinery from Japan, especially used excavators, to fall sharply, and the market for used excavators will be mainly replaced by domestic excavators, so domestic excavator manufacturers will benefit. In recent years, China's annual import of second-hand excavators accounts for more than 90% of the total import volume of excavators, accounting for more than 35% of total domestic sales. The number of imported products exceeds the total amount of domestic national brand excavators, and imported second-hand excavators are Japanese brands. Mainly. The post-disaster reconstruction will inevitably lead to a decrease in the export of Japanese construction machinery, which will affect the quantity of second-hand excavators exported to China. China's domestic excavators will gain import substitution space, and the localization rate is expected to increase rapidly from around 20% to over 30%. It can be seen that China's construction machinery industry has played a facilitating role.
Although the engine supply may decline, considering the existing parts inventory, it is expected that the domestic OEM will maintain normal production in the short term. Among the excavator main engines, Liugong's production is not affected due to the use of Cummins engines, and may benefit from the limited capacity of other mainframe plants.
Overall, the earthquake in Japan has had a certain impact on Chinese construction machinery, but the impact is not significant.
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