OEC world shows statistical results in 2020 that fasteners ranked as the 99th most traded product around the world with a total trade of $37B. Fasteners are mechanical commodities with an overwhelming demand from different large industries and fields all over the world. The Chinese fastener manufacturers have flocked and invaded the worldwide market industry in terms of exports and imports since 2010. Significantly, the rising development of different sectors in countries shows no downside to the demand for fastener products for the next following years. 

Exports

Study statistics show 2020 that China is the leading and largest exporter of all kinds of fasteners in the world. Making mechanical devices the 72nd most exported product from China. The growing export market of China was mainly focused on the countries of the United States, Vietnam, Russia, Germany, and Mexico.

Imports

In the same year 2020, China becomes the 3rd leading importer of all kinds of fasteners. The primary source of the imported goods was from the countries of Germany, Japan, the United States, Chinese Taipei, and South Korea.

Indeed, China is one of the fastest and most diverse countries to provide valuable products and mechanical solutions for the world. 

The ongoing drawback in the EU’s trade of Fasteners with China

Based on the information of the European Industrial Fastener Institute (EIFI) the ruling of  Anti-dumping (AD) duty on fastener products was imposed last February 17, 2022. 

The AD duties imply 23.9% to 89.8% on fastener products originating from China. Since China supplies the largest import of fasteners in the EU for a long time, it brought a significant drop in the EU’s output and sales. The negative impact on the EU’s fastener industry has led them to implement new measures.

This ongoing measure will bring more opportunities for other fastener manufacturers from around the world. After the AD duty announcement, Taiwan’s fastener industry is believed to have more export volume in the next years to the EU.

The Good Takes in China’s Fastener Industry

Over the past decade, the export value of China’s fasteners has increased steadily. The rapid development of technology and advanced equipment has swayed the industry’s innovation to rise. With this, the export volume for China’s fastener industry is expected to grow in percentage for another decade. 

The recovery of many industries (automotive, aerospace, etc.) from the year 2019 is projected to drive the incoming expansion of trade in the market. China has about 10,000 fastener manufacturers in total which contributes to the higher economic growth of the country. This development will lead to the transformation of higher-end upgrades for many Chinese fastener enterprises that will contribute to the rising export in the fastener industry worldwide. 

Why are Chinese fasteners a global commodity? There are good reasons for the expanded growth in China’s export value. The trading of fasteners around countries has been around for several decades, and today China leads the ranking in most products. This is because the fasteners produced in the country have lower costs for import than most of the traders, and the prices are subject to remain for the upcoming years. Not only that, with the many capabilities of fastener manufacturers in China the quality is prioritized to follow international standards. Making them more engaging in the global market.