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China’s excavator sales nearly quadruple
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SALES of excavators in China nearly quadrupled in February from a year ago to notch the highest monthly growth.
A total of 14,530 excavators were sold domestically last month, a surge of 297.65 percent year on year and in line with an annual growth of 17.4 percent for government’s infrastructure spending in 2016, GF Securities said in a report yesterday, citing statistics from the China Construction Machinery Association.
Infrastructure construction “contributes nearly 70 percent to the heavy machinery demand in many regions in China,” the report said.
Last year, around 1,400 projects used funds totaling 2.4 trillion yuan (US$348 billion) under the public-private-partnership, the National Development and Reform Commission said yesterday.
At the same time, “domestic producers outperformed those abroad” as they tapped their advantages in price and maintenance services, GF added.
Sany Heavy Industry Co posted a 360 percent jump in excavator sales from a year earlier in February, its highest monthly growth since it started operation in 1994. The volume helped the company boost its market share by 2 percentage points to 22.4 percent.
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