In August 2020, China’s lighting industry exports amounted to 5.266 billion U.S. dollars, an increase of 21.71% year-on-year, since June for three consecutive monthly double-digit growth. Among them, the export value of LED lighting products was $3.324 billion, an increase of 19.57% year-on-year, with four consecutive monthly growth since May.
As can be seen from the chart below, in February 2020 due to domestic epidemics bottomed out, since March, the lighting of the overall export rebound momentum is obvious, 3 to 5 three months continued to decline narrow until 6 to 8 three months of continuous double-digit growth.
From January to August 2020, China’s lighting industry exports totaled 30.31 billion U.S. dollars, an increase of 1.15% year-on-year, the first annual positive growth. Among them, the LED lighting products from January to August total exports of $ 20.061 billion, an increase of 2.21% year-on-year, is also the first annual positive growth.
It is worth noting that the price of LED light source continued the downward trend of the past two years, and with the price of fluorescent light source products rising this year, and even between the two has been the case of the average export price upside down.
According to the General Administration of Customs data show that in August China’s trade in goods exports 1.65 trillion yuan, a slight decrease from 1.69 trillion in July, but year-on-year growth of 11.6%, two consecutive months of double-digit growth; $ 235.3 billion in U.S. dollars, an increase of 9.5%, an increase of 2.3 percentage points over the previous month.
From January to August, China’s trade in goods total exports of 11.05 trillion yuan, an increase of 0.8%, the first cumulative growth this year; in U.S. dollar terms to 1.57 trillion U.S. dollars, down 2.3% year-on-year, down narrower than last month, 1.8 percentage points. Lighting exports continue to lead the market since last month.
On the whole, August lighting exports ring slightly down from July, but the majority of the lighting export enterprises, but still maintained a faster than expected growth rate under the hard work. The reasons for the growth are.
1, reflects the lighting products in the national social and economic life of the just demand toughness, as well as China’s global lighting manufacturing and supply chain is still a solid hub position.
2, the early backlog of orders has entered the late stage of implementation, but the major economies of Europe and the United States under pressure to restart the economy, external demand marginal significant improvement, new orders gradually pick up.
3, overseas epidemics are still severe, epidemic prevention and home economy-related products exports continue to surge, especially scientific research, medical lamps, UV lamps and other epidemic-related lighting products continue to grow significantly, the first eight months exports have reached $260 million, a year-on-year increase of 378%.
- China is one of the few major economies to have fully contained the epidemic, leading the world in the resumption of work and production. The rapid recovery of Chinese manufacturing has made up for the capacity gap caused by the epidemic overseas, and has replaced the export share of other countries in the short term. According to statistics, as of June this year, China’s share of the global export market has reached an all-time high of 17.2%.
While the current state of exports is encouraging, uncertainty about its future still exists. The current global epidemic threat has not yet been removed, whether it is people or goods to restore global mobility, at present, it is also a long and difficult thing to do, in the short term, in addition to the high growth rate of epidemic prevention and home economy-related products, in addition to foreign demand orders are still under pressure.
In the world economic downturn is a foregone conclusion, the U.S. and China trade frictions continue to escalate, the global industry chain to China surge in the background, there is a spillover risk in the lighting industry chain, the previous operating system, the supply chain to focus on efficiency and cost-effectiveness, the future of overseas customers is likely to place an important consideration for supply chain security, part of the order shunting to Mexico, Vietnam, India and other related manufacturing countries will be difficult to avoid ( CCLA).