SMM

According to customs data, China exported 32.4157 million electric tools in October, up 11.4% MoM and up 57.45% YoY. From January to October, the cumulative export volume was 299.0557 million units, up 26.7% YoY (HS codes: 84672100, 84672990, 84672290, 84672920, 84672910).

Based on the SMM survey, due to concerns about potential tariff increases on Chinese goods under Trump's administration, the market saw a rush to export. Customs data shows that the export speed of electric tools accelerated in October 2024, with an increase of 3.31 million units compared to September, up 57.45% YoY from October 2023. From the breakdown of electric tool exports, the export volumes of other portable electric tools, other portable electric saws, and various portable electric drills from January to October were significant, with 112.1496 million units, 32.9692 million units, and 81.3573 million units exported, respectively, up 37.9%, 33.1%, and 32.1% YoY.

Customs data indicates that China's portable electric tools were sold to 215 countries and regions, with the US, Russia, and Germany being the top three destinations, with volumes of 49.7 million units, 20.55 million units, and 18.06 million units, respectively, accounting for 16.2%, 6.87%, and 6.04% of the total exports. Among these, exports to Germany increased by 45.35% YoY. Additionally, exports to Kazakhstan and Brazil continued to grow rapidly, with YoY growth rates of 138.52% and 113.84% from January to October, reaching 8.55 million units and 13.03 million units, respectively.