China Economy Post CoVID-19 Implications for Medical Equipment Market.
The Chinese economy is reported to be collapsing, so let us check what the post-CoVID-19 implications are for medical equipment imports into this country. The 7thConsulting representative has revised China's customs database to search for an answer. The data span was between 2019 (the year before the COVID-19 breakout) and the first half of 2023 (the year after the recession of the epidemics). The HS code was 9018, which stands for "Medical, surgical, dental or veterinary instruments and appliances, including scintillation scanning devices, other electrical medical devices, and vision examination equipment." Selected trade conditions: general.
Some of the results can be seen below. The data has been divided into the first and second halves of the year. Based on historical information, 7thConsulting estimated the value of imports into China during the second half of 2023, thus estimating the total value of imports in 2023. The general conclusion is that, even though we can see a slight decline between 2019 and 2023, the value of medical equipment imports into China has not changed drastically. The top 3 countries in 2022 were the USA, Germany and Japan, which is exactly the same as in 2019. What can not be seen on the charts below but can be implied from the data is the increasing importance of exports from Mexico. The value of medical equipment imports from this country into China has changed from USD 165 million in 2019 to almost USD 250 million in 2022, making it move up from the Top 8 to the Top 4 position in the ranking.
Let us take a closer look at the following countries: English- and Spanish-speaking countries, as well as Poland.
Selected English-speaking countries are: Australia, Canada, Great Britain, India, Ireland, New Zealand, Pakistan, Singapore, South Africa and the United States. The total value of imports in this group amounted to USD 1.65 billion in 2022, with the USA accounting for about 86% of the group's total value. Another country in this group that deserves a closer look is India, with import values fluctuating between USD 8 and USD 10 million between 2019 and 2021, surging up to USD 18 in 2022, and presumably stabilizing at a similar level in 2023.
Even though we can see a slight decline between 2019 and 2023, the value of medical equipment imports into China has not changed drastically.
Among the Spanish-speaking countries selected by 7thConsulting were Costa Rica, the Dominican Republic, Mexico, Puerto Rico and Spain. The total group's import value in 2022 amounted to USD 340 million, with Mexico becoming the group's leader with c. 74% of the imported value and a CAGR of 14.77% between 2019 and 2022. Another country in this group that requires attention is the Dominican Republic, with imports valued at USD 21 million in 2022 and a CAGR of 11.23% between 2019 and 2022.
Imports of medical equipment from Poland to China dropped from about USD 30 million to about USD 23 million between 2019 and 2022.
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