Forklift Truck and Industrial Works Truck Prices in China

China Forklift Truck and Industrial Works Truck Export Price in September 2022

In September 2022, the forklift truck and industrial works truck price stood at $2,445 per unit (FOB, China), with an increase of 6.2% against the previous month. Over the period under review, export price indicated a prominent increase from January 2022 to September 2022: its price increased at an average monthly rate of +6.6% over the last eight months. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on September 2022 figures, export price for fork-lift trucks and other industrial works trucks and tractors increased by +50.1% against May 2022 indices. The pace of growth was the most pronounced in June 2022 when the average export price increased by 31% month-to-month. The export price peaked in September 2022.

Prices varied noticeably by the country of destination: the country with the highest price was Australia ($5,670 per unit), while the average price for exports to India ($900 per unit) was amongst the lowest.

From January 2022 to September 2022, the most notable rate of growth in terms of prices was recorded for supplies to Russia (+14.5%), while the prices for the other major destinations experienced more modest paces of growth.

China Forklift Truck and Industrial Works Truck Export Prices by Type

Average prices varied somewhat for the major types of exported product. In September 2022, the product with the highest price was fork-lift and other works trucks fitted with lifting or handling equipment ($2,458 per unit), while the average price for exports of electrical self-propelled vehicles not fitted with lifting or handling equipment ($1,882 per unit) was amongst the lowest.

From January 2022 to September 2022, the most notable rate of growth in terms of prices was recorded for the following types: non-electrical self-propelled works trucks not fitted with lifting or handling equipment (+12.6%), while the prices for the other products experienced mixed trend patterns.

China Forklift Truck and Industrial Works Truck Exports

In September 2022, the amount of fork-lift trucks and other industrial works trucks and tractors exported from China shrank rapidly to 230K units, dropping by -15.1% on the month before. In general, exports showed a pronounced descent. The growth pace was the most rapid in March 2022 when exports increased by 35% against the previous month. Over the period under review, the exports of attained the peak figure at 318K units in January 2022; however, from February 2022 to September 2022, the exports failed to regain momentum.

In value terms, exports of fork-lift trucks and other industrial works trucks and tractors shrank to $562M (IndexBox estimates) in September 2022. Overall, total exports indicated perceptible growth from January 2022 to September 2022: its value increased at an average monthly rate of +2.4% over the last eight-month period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on September 2022 figures, exports decreased by -14.7% against July 2022 indices. The growth pace was the most rapid in March 2022 when exports increased by 33% against the previous month. Over the period under review, the exports of attained the maximum at 659M units in July 2022; however, from August 2022 to September 2022, the exports remained at a lower figure.

China Forklift Truck and Industrial Works Truck Exports by Type

Fork-lift and other works trucks fitted with lifting or handling equipment (223K units) was the largest type of forklift truck and industrial works truck exported from China, accounting for a 97% share of total exports. It was followed by electrical self-propelled vehicles not fitted with lifting or handling equipment (5.3K units), with a 2.3% share of total exports.

From January 2022 to September 2022, the average monthly rate of growth in terms of the volume of export of fork-lift and other works trucks fitted with lifting or handling equipment stood at -4.0%. With regard to the other exported products, the following average monthly rates of growth were recorded: electrical self-propelled vehicles not fitted with lifting or handling equipment (+3.5% per month) and non-electrical self-propelled works trucks not fitted with lifting or handling equipment (-12.5% per month).

In value terms, fork-lift and other works trucks fitted with lifting or handling equipment ($549M) remains the largest type of forklift truck and industrial works truck exported from China, comprising 98% of total exports. The second position in the ranking was held by electrical self-propelled vehicles not fitted with lifting or handling equipment ($10M), with a 1.8% share of total exports.

From January 2022 to September 2022, the average monthly rate of growth in terms of the export volume of fork-lift and other works trucks fitted with lifting or handling equipment totaled +2.4%. With regard to the other exported products, the following average monthly rates of growth were recorded: electrical self-propelled vehicles not fitted with lifting or handling equipment (+2.4% per month) and non-electrical self-propelled works trucks not fitted with lifting or handling equipment (-1.5% per month).

China Forklift Truck and Industrial Works Truck Exports by Country

The United States (64K units) was the main destination for exports of fork-lift trucks and other industrial works trucks and tractors from China, accounting for a 28% share of total exports. Moreover, exports of fork-lift trucks and other industrial works trucks and tractors to the United States exceeded the volume sent to the second major destination, Russia (14K units), fourfold. India (12K units) ranked third in terms of total exports with a 5.2% share.

From January 2022 to September 2022, the average monthly growth rate of volume to the United States amounted to -4.4%. Exports to the other major destinations recorded the following average monthly rates of exports growth: Russia (-7.8% per month) and India (-4.5% per month).

In value terms, the largest markets for forklift truck and industrial works truck exported from China were the United States ($79M), Australia ($48M) and Russia ($42M), together comprising 30% of total exports. Brazil, Belgium, Germany, South Korea, the UK, Mexico, India, Malaysia, Vietnam and Japan lagged somewhat behind, together accounting for a further 25%.

Among the main countries of destination, Mexico, with a CAGR of +11.0%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform