Swiss FCA Statistics Shows Higher Chinese Machinery Imports
According to the latest data published by Swiss Federal Customs Administration (FCS), Switzerland exported CHF 8.9 billion diverse goods to China and Hong in the first half of 2018 which compared to the first half of 2017, shows a surplus of 6.9%.
Machinery industry has been one of the main drivers of the Swiss export growth. In the first six months of 2018, Swiss machinery exports to China and Hong Kong grew by 10.2% compared to the year before. “Machinery goods in the value of CHF 1.45 billion have been exported to China and Hong Kong”, reported Nicolas Musy, Founder and Delegate of the Board of Swiss Centers in China, a non-profit organization that lowers the market entry barriers of Swiss companies into Asia.
A key for the growing demand is the ongoing advancement of the Chinese production market. As Musyanalyzed, China will remain a key market for Swiss machinery companies in the coming yearsas Chinese manufacturers are upgrading their equipment with high quality machines.
Since 2016, Swiss machinery exports to China and Hong Kong have been continuously growing. With the export value of CHF 1.45 billion in the first six months of 2018, the Chinese market is the third biggest market for Swiss machinery products worldwide. The largest market remains Germany (CHF 4.1 b), the second biggest market is the United States (CHF 1.8 b). Behind China (incl. HK) follow France (CHF 841 m) and Italy (CHF 834 m).
Watch and precision instrument exports up 17.5%
The watch and precision instruments segment had a particularly strong impact on the growing Swiss exports to China and Hong Kong. In the first half of 2018, watches and precision instruments in the value of CHF 3.9 billion have been exported to the market – a plus of astonishing 17.5%.
Facing the growing demand by the expanding middle class, the Chinese government also pushes for further opening up of the economy and wants to drive import and consumption. “While challenged by the unpredictable US trade policies, China’s position on promoting imports can be a good opportunity for further growth of Swiss exports,” commented Zhen Xiao, Managing Director of the Swiss Centers China.