Over the past five years, total revenue for the China farming machinery manufacturing market has been growing at an annualized rate of 26.2% to an estimated $20.58 billion. This rapid growth was stimulated by increasing export volumes, strong domestic demand and consistent government subsidies.
In 2009, the value of exports decreased as foreign demand declined due to the weak global economic environment, exports rebounded to $2.07 billion in 2010, up 19.8%. In 2013, as the world continues to recover from the global financial crisis, export revenue is expected to increase to $3.35 billion, up 20.3% from 2012. Exports contribute about 16.3% of industry revenue.
State policies have had a significant effect on this industry. Government support for purchasing mechanical farming machinery has increased, leading to growth in domestic demand. Value-added tax reforms also facilitated the industry's technology level and production expansion. As a result, overall industry output increased to 1.68 million units in 2012, 42.5% growth compared with 2011.
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