China’s non-ferrous metal industry showed stability in 2022, with growth in key metrics such as production, profits, and revenue, according to the China Nonferrous Metals Industry Association. The industry produced over 67.74 million tons of 10 common types of non-ferrous metals, a 4.3% increase from the previous year.
Major companies in the industry, with annual revenue of at least $2.95 million, recorded a 5.2% increase in their value-added output. These big players had a combined revenue of nearly $1.2 trillion, a YoY rise of 10.5%. Their total profits reached $49.6 billion.
This positive performance is a testament to the strength of China’s non-ferrous metal industry, which has been a key contributor to the country’s overall economic growth. The Association’s forecasts suggest that the production of the 10 common types of non-ferrous metals will continue to grow, with an estimated increase of 3.5% in 2023. Additionally, the Association is expecting a rise in fixed-asset investment in the industry of between 5% to 10%.
The non-ferrous metal industry is a crucial sector for China, as it provides raw materials for various industries such as construction, transportation, and energy. The stability and growth in the industry can be attributed to the government’s policies and initiatives to support and improve the sector. China is the world’s largest producer of non-ferrous metals and this trend is expected to continue in the coming years.
In conclusion, the China Nonferrous Metals Industry Association’s report highlights the resilience and strength of China’s non-ferrous metal industry. With a positive outlook for production, investment, and growth, the industry is set to continue making a significant contribution to the country’s economic development. The report also serves as a reminder of the crucial role that the non-ferrous metal industry plays in the global supply chain, and its importance for various industries across the world.