As a major exporter of bicycles, China directly exports more than 3 billion U.S. dollars of bicycles every year. Although the prices of raw materials continue to rise, China’s bicycle exports have not been affected much, and the market has performed strongly.
According to customs statistics, in the first three quarters of this year, China’s exports of bicycles and parts reached US$7.764 billion, a year-on-year increase of 67.9%, the highest growth rate in the past five years.
Among the six products for bicycle exports, the exports of high-end sports, high value-added racing bicycles and mountain bikes have grown strongly, and the export volume has increased by 122.7% and 50.6% respectively year-on-year. In September this year, the average unit price of exported vehicles reached US$71.2, setting a record high. Exports to the United States, Canada, Chile, Russia and other countries maintained a double-digit growth rate.
“Customs data shows that China’s bicycle exports in 2020 increased by 28.3% year-on-year to US$3.691 billion, a record high; the number of exports was 60.86 million, an increase of 14.8% year-on-year; the average unit price of exports was US$60.6, an increase of 11.8% year-on-year. Bicycles in 2021 The export value exceeding 2020 is almost a foregone conclusion, and will hit a record high.” Liu Aoke, senior manager of the Exhibition Center of the China Chamber of Commerce for Import and Export of Machinery and Electronic Products, prejudged.
Investigating the reasons, Liu Aoke told the International Business Daily reporter that since last year, China’s bicycle exports have grown against the trend due to three factors: First, the increase in demand and the outbreak of the epidemic have made people more favor healthy and safe riding methods. ; Second, the outbreak of the epidemic has blocked production in some countries, and some orders have been transferred to China; third, the trend of overseas dealers to replenish their positions in the first half of this year has strengthened.
There is still a gap between the average price of China’s bicycle exports and those of Germany, Japan, the United States, and the Netherlands that produce mid-to-high-end bicycles. In the future, accelerating the improvement of product structure and gradually changing the situation that the domestic bicycle industry was dominated by low-value-added products in the past is the top priority for the development of Chinese bicycle enterprises.
It is worth mentioning that the “Regional Comprehensive Economic Partnership Agreement” (RCEP) has entered the countdown to its entry into force. Among China’s top 10 bicycle export markets, RCEP member countries account for 7 seats, which means that the bicycle industry will usher in major development opportunities after RCEP takes effect.
Data shows that in 2020, China’s bicycle exports to the 14 countries involved in the RCEP Free Trade Agreement amounted to 1.6 billion U.S. dollars, accounting for 43.4% of total exports, a year-on-year increase of 42.5%. Among them, exports to ASEAN were 766 million U.S. dollars, accounting for 20.7% of total exports, a year-on-year increase of 110.6%.
Currently, among the RCEP member countries, Laos, Vietnam, and Cambodia do not reduce tariffs on all or most of the bicycles, but half of the countries have promised to reduce tariffs on Chinese bicycles to zero tariffs within 8-15 years. Australia, New Zealand, Countries such as Singapore and Japan have pledged to directly reduce tariffs to zero.
Post time: Dec-20-2021