(Yicai) Aug. 26 -- Home appliance exports from China jumped 18.1 percent in the first seven months from a year ago, driven mainly by increased competitiveness and rising shipments to developing markets where Chinese firms have invested.

Outbound shipments were worth CNY409.1 billion (USD57.4 billion) in the seven months ended July 31, Shi Yonghong, vice president of the China Chamber of Commerce for Import and Export of Machinery and Electronic Products, told Yicai.

Export growth to Europe and the United States was insignificant, Shi noted, while exports to major developing markets went on growing, especially in regions where Chinese home appliance makers have invested, such as Vietnam, India, and Mexico. In these markets, China exports a significant amount of intermediate goods like components, he said.

The global market for household appliances was almost flat overall in the first half, according to data from German market research and consulting firm Gfk.

Mexico’s supply chain imports many key parts from China that are assembled locally and then exported to Europe and the US, boosting exports of China’s home appliance and electronic components, Shi pointed out. With more and more Chinese firms building overseas bases, these exports will not shrink, he added.

China’s exports of mechanical and electrical intermediates account for nearly a quarter of the total worldwide, with their share set to rise even further, noted Lv Yue, a professor at the Shanghai University of International Business and Economics, adding that the volume exported from China to Vietnam, Thailand, India, and other countries has surged.

As shipments increase, mitigating export risks has become a hot topic in the industry. Firms can expand in fast-growing emerging economies and BRICS countries along the Belt and Road Initiative while continuously improving their risk prevention, compliance, and environmental, social, and governance systems, according to Zhou Qiqun, managing director of consulting firm China Electronics Technology Research Institute of Ipsos.

Editor: Martin Kadiev