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3September2024|8:51AMHKT
ChinaandJapanMachineryExportTracker
July2024update:NotableChinaexportin?ectionvs.continuedweaknessinJapanexports
InthisJulyupdate,wehighlightthedivergenttrend
betweenChinaandJapanexportsintoNorthAmericaandEuropelikelycausedbythedifferenceininventorycycles
(e.g.ChinaexportsintoEuropeweakened1Qaheadof
Japanexports,whileChinaexportsintoNorthAmerica
softened3Qsearlier),inadditiontothepossiblerush
shipmentsinanticipationofapotentialtariffhikeintheUS.ForEMs,wehighlighttherecoveryinSoutheastAsiaandtheMiddleEast,whileAfricamoderated.Chinaexports
in?ectedpositively(value:+14%yoy)-the?rsttimesinceMay2023,whileJapanexportsremainedweak(-20%yoy).
_
NorthAmericacontinuedtoseedivergencebetweenChinaexports(volume/value:+102%/-9%yoy)andJapanexports(-13%/+8%yoy).Combinedvolumewasup+34%yoybutvaluewasdown-4%yoy,likelydrivenbymoreexportsof
incompletemachinesfromChina(inferredfromASP).
Europesawnarrowedyoyvolumedeclineof-12%(vs.
-27%/-26%yoyinJune/2Q24)asChinaexportsintoCentralandEasternEurope(e.g.PolandandRussia)accelerated.
JapanexportstoWesternEuroperemainedweak(-49%yoy)butChinaexportsintotheregionturnedpositiveyoy(+2%yoy),the?rsttimesinceJuly2023.
SouthAmericasaw+9%yoyvolumegrowth(vs.
+4%/29%yoyinJune/2Q24)mainlydrivenbyChina
exports(+14%yoy)asJapanexportsweredown-17%yoy.
SoutheastAsiarecordedvolumeaccelerationof+23%
yoy(vs.-1%/+4%yoyinJune/2Q24afterChinaCustoms
restatedJunedata).UnitedTractor(Komatsu’sdistributorinIndonesia)reportednarrowedyoydeclineof-9%yoyinitsJulyshipments(seehere,June:-18%yoy).
MiddleEastandAfricamaintaineddouble-digitvolume
growthof+14%yoy(vs.+16%/+20%yoyinJune/2Q24)withtheMiddleEasthavingturnedpositiveyoy(+18%yoyvs.-16%/-8%yoyinJune/2Q24)butAfricahaving
moderated(+7%yoyvs.+72%/+71%yoyinJune/2Q24).
OceaniaremainedsluggishinJuly(-44%yoyvs.-45%/-32%yoyinJune/2Q24).
NickZheng,CFA
+852-2978-1405|nick.zheng@GoldmanSachs(Asia)L.L.C.
JerryRevich,CFA
+1(212)902-4116|jerry.revich@GoldmanSachs&Co.LLC
YuichiroIsayama
+81(3)4587-9806|
yuichiro.isayama@
GoldmanSachsJapanCo.,Ltd.
DanielaCosta
+44(20)7774-8354|
daniela.costa@
GoldmanSachsInternational
TakeruAdachi
+81(3)4587-4067|
takeru.adachi@
GoldmanSachsJapanCo.,Ltd.
SelinaYan
+852-2978-0178|shuling.yan@GoldmanSachs(Asia)L.L.C.
YanLin
+852-2978-7020|yan.lin@GoldmanSachs(Asia)L.L.C.
TakatoEnoki
+81(3)4587-1739|takato.enoki@GoldmanSachsJapanCo.,Ltd.
GoldmanSachsdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthe?rmmayhaveacon?ictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheir
investmentdecision.ForRegACcerti?cationandotherimportantdisclosures,seetheDisclosureAppendix,orgoto/research/hedge.html.Analystsemployedbynon-USaf?liatesarenotregistered/quali?edasresearchanalystswithFINRAintheU.S.
GoldmanSachsChinaandJapanMachineryExportTracker
TableofContents
Chinaexportsvs.Japanexports3
Constructionmachineryexportbarometer4
GSChinaandJapanmachineryexporttracker:Anewtooltomonitorglobalmachinerysales5
Monthlyexcavatorexportvolumetracker6
Monthlyexcavatorexportvaluetracker7
KeyfactsaboutChinaandJapanexcavatorexports11
Mappingoutkeyglobalplayers’CEsalesbreakdownbymachinerytype12
Summaryoftheresultsforourcorrelationanalysis14
Back-testingthecorrelationvs.globalmachinerycompanies’quarterlysales15
Back-testingthecorrelationvs.actualmarketdemand22
DisclosureAppendix24
_
3September20242
GoldmanSachsChinaandJapanMachineryExportTracker
Chinaexportsvs.Japanexports
Exhibit1:ChinatotalexportvalueturnedtopositiveyoyinJuly,whileJapantotalexportvalueremainedatnegativeyoy
Totalexportvalueofexcavatorsyoychg%(Chinavs.Japan)
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
Jan-23
Mar-23
May-23
Jul-23
Sep-23
Nov-23
Jan-24
Mar-24
May-24
Jul-24
100%80%60%40%20% 0%-20%-40%-60%
Chinaexports(value)yoychg%Japanexports(value)yoychg%
Source:ChinaCustoms,JapanMinistryofFinance,GoldmanSachsGlobalInvestmentResearch
Exhibit3:ChinaexportvaluetoEuropeturnedpositiveyoyinJulywhileJapanexportvaluetotheregionweakenedfurtheronayoybasis
_
ExportvalueofexcavatorsintoEuropeyoychg%(Chinavs.Japan)
Jan-21
Mar-21
100%80%60%40%20% 0%-20%-40%-60%-80%
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
Jan-23
Mar-23
May-23
Jul-23
Sep-23
Nov-23
Jan-24
Mar-24
May-24
Jul-24
Chinaexports(value)intoEurope(yoy□chg%)Japanexports(value)intoEurope(yoy□chg%)
Source:ChinaCustoms,JapanMinistryofFinance,GoldmanSachsGlobalInvestmentResearch
Exhibit2:ChinaexportvaluetoNorthAmericarevertedtonegativeyoyinJulywhileJapanexportvalueturnednegativeyoyduring2Q24butrevertedtopositiveinJuly
TotalexportvalueofexcavatorsintoNorthAmericayoychg%(Chinavs.Japan)
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
Jan-23
Mar-23
May-23
Jul-23
Sep-23
Nov-23
Jan-24
Mar-24
May-24
Jul-24
100% 80% 60% 40% 20% 0% -20% -40% -60% -80%-100%
Chinaexports(value)intoNorthAmerica(yoychg%)Japanexports(value)intoNorthAmerica(yoychg%)
Source:ChinaCustoms,JapanMinistryofFinance,GoldmanSachsGlobalInvestmentResearch
Exhibit4:Japan’sexcavatorexportshavebeenskewedtoNorthAmericaandEurope,whilethosefromChinawereskewedtowardsEMs,thoughDMcontributionshavebeenrising
Exportdestinationcomparison-Chinavs.Japanexportvaluebreakdownbyregion2023/2019/2015
2023China
2023Japan
2019China
2019Japan
2015China
2015Japan
0%20%40%60%80%100%NorthAmericaSouthAmericaEuropeMiddleEastandAfricaAsiaOceania
Source:ChinaCustoms,JapanMinistryofFinance,GoldmanSachsGlobalInvestmentResearch
3September20243
GoldmanSachsChinaandJapanMachineryExportTracker
Constructionmachineryexportbarometer
Exhibit5:InthisJulyupdate,wehighlightthenotabledivergencebetweenChinaandJapanexportsintoNorthAmericaandEuropelikelycausedbythedifferenceininventorycycle-i.e.ChinaexportsintoEuropeweakenedonequarteraheadofJapanexportswhileChinaexportsintoNorthAmericasoftenedthreequartersearlier,inadditiontothepossiblerushshipmentinanticipationforapotentialtariffhikeintheUS.ForEMs,wehighlighttherecoveryinSoutheastAsiaandMiddleEastwhileAfricamoderatedvisibly.Asaresult,Chinaexportin?ected
positively(value:+14%yoy)butJapanexportsfurtherweakened(down-20%yoy).
GoldmanSachsmonthlyexcavatorexportvolumeandvaluebarometer
MonthlyChinaandJapanexportvolumeyoy%change
Global(ex-ChinaandJapan)
NorthAmerica
Europe
Oceania
SouthAmerica
MiddleEastandAfrica
Asia(ex-ChinaandJapan)
Jul-24
Jun-24
2Q24
_
Source:ChinaCustoms,JapanMinistryofFinance,GoldmanSachsGlobalInvestmentResearch
MonthlyChinaandJapanexportvalueyoy%changeGlobal(ex-ChinaandJapan)
NorthAmerica
SouthAmerica
Jul-24
Europe
MiddleEastandAfrica
Jun-24
Oceania
Asia(ex-ChinaandJapan)
2Q24
3September20244
GoldmanSachsChinaandJapanMachineryExportTracker
GSChinaandJapanmachineryexporttracker:Anewtooltomonitorglobalmachinerysales
WhydowetrackexcavatorexportsfromChinaandJapan?
nExcavatorsrepresentroughly50%oftheglobaldemandforconstructionmachineryandhavebeenthemostactivelytradedtypeofconstructionequipmentinter-region.
nChinaandJapanarethepredominantsourceofglobalexcavatorsupply,representingc.70%oftheglobalmarketoutsidethetwocountriesasof2022.
Whatdotheback-testingresultstellusaboutthequalityofthedataseries?
nAllmachinerycompanieswithinourglobalcoveragespacehaveshownhighcorrelationbetweentheirquarterlysalesrevenueandtheexportdataseries,withCATshowingthehighestcorrelation(0.86-0.91).
nTheexportdataseriesalsoshowshighcorrelation(0.64-0.79)withthehistoricalmarketdemandtrendtrackedbyKomatsu(releasedwitha3-monthlag)acrossmajorregions.
Howdoweusethetracker?
nJapanexportsintoNorthAmericaandWesternEuropecanbequiterepresentativeofthemarketdemandinthosetworegionsgivenJapanhashistoricallybeenusedasakeyexporthubforthemachineryintothetworegions.
nChinaexportsintoEMslikeSoutheastAsia,MiddleEastandAfricaandSouthAmericacanserveasagoodproxyforthedemandtheregiven
Chineseplayers’biggerpresenceinthoseregionsaswellasthefactthatMNCstendtousetheirChinafactoriesmorefortheexportsintoEMs.
nLookingatthecombinedexportsfrombothJapanandChinacouldminimizethenoiseoftheshiftinsupplybetweenthetwocountriesifany.
_
Fordetaileddiscussionofourmethodologies,pleaseseeourlaunchnotehereandourin-depthanalysisonglobalmachinerysupplieshere.
3September20245
GoldmanSachsChinaandJapanMachineryExportTracker
Monthlyexcavatorexportvolumetracker
Exhibit6:TotalcombinedexportvolumefromJapanandChinawasup+10%yoyinJuly,entirelydrivenbyChinaexportsasJapanexportsweakenedfurther
MonthlyChinaandJapantotalexportvolumeandyoy%change
Exhibit7:NorthAmericasustainedpositiveyoygrowthinJulymainlydrivenbyChina’srobustexportsintotheregionwhileJapanexportsstayednegativeyoy
MonthlyChinaandJapantotalexportvolumetoNorthAmericaandyoy%change
Exhibit8:EuropesawnarroweddeclineyoyinJulymainlyhelpedbyrobustexportstoCentralandEasternEuropeandrecoveryofChinaexportstoWesternEurope
MonthlyChinaandJapantotalexportvolumetoEuropeandyoy%change
Units
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
Japan
Overall%
China
Japan%
China%
yoy
yoy
%yoy100%80%
60%
40%
20%
0%
-20%-40%-60%-80%-100%
yoy
Units
16,00014,00012,00010,0008,0006,0004,0002,000
0
ChinaJapanChina%yoyJapan%
%yoy100%80%
60%
40%
20%
0%
-20%-40%-60%-80%-100%
yoyOverall%yoy
Units
16,00014,00012,00010,0008,0006,0004,0002,000
0
ChinaJapanChina%yoyJapan%
%yoy100%80%
60%
40%
20%
0%
-20%-40%-60%-80%-100%
yoyOverall%yoy
Source:ChinaCustoms,JapanMinistryofFinanceSource:ChinaCustoms,JapanMinistryofFinanceSource:ChinaCustoms,JapanMinistryofFinance
Exhibit9:SouthAmericahasmoderatedsinceMaydraggedbyJapanexports,partiallyoffsettingthepersistentstrengthinChinaexports
MonthlyChinaandJapantotalexportvolumetoSouthAmericaandyoy%change
Exhibit10:MiddleEastandAfricaremainedatlow-teen%yoygrowthinJulywithMiddleEastturningpositiveyoywhileAfricastartedtoseemoderation
MonthlyChinaandJapantotalexportvolumetotheMiddleEastandAfricayoy%change
Exhibit11:OtherAsiarecordeddouble-digityoygrowthinJulymainlydrivenbyaccelerationofexportstoSoutheastAsia
MonthlyChinaandJapantotalexportvolumetoOtherAsiaandyoy%change
Units
2,000
1,800
1,600
_
1,400
1,200
1,000
800
600
400
200
0
Japan
Overall%
China
Japan%
China%
yoy
yoy
%yoy
100%80%
60%
40%
20%
0%
-20%-40%-60%-80%-100%
yoy
Units
3,000
2,500
2,000
1,500
1,000
500
0
ChinaJapanChina%yoyJapan%
%yoy100%80%60%40%20%0%
-20%-40%-60%-80%
yoyOverall%yoy
Units
7,0006,0005,0004,0003,0002,000
1,000
0
ChinaJapanChina%yoyJapan%
%yoy100%80%
60%
40%
20%
0%
-20%-40%-60%-80%-100%
yoyOverall%yoy
Source:ChinaCustoms,JapanMinistryofFinance
Source:ChinaCustoms,JapanMinistryofFinance
OtherAsia=AsiaexludingJapanandChina
Source:ChinaCustoms,JapanMinistryofFinance
3September20246
GoldmanSachsChinaandJapanMachineryExportTracker
Monthlyexcavatorexportvaluetracker
Exhibit12:TotalcombinedexportsvaluefromJapanand
Chinawasdown-9%yoyinJuly,entirelydraggedbyJapanexportvaluedeclineof-20%+yoypartiallyoffsetbyChinaexportvaluegrowthof+13%yoy
MonthlyChinaandJapantotalexportvalueandyoy%change
Exhibit13:NorthAmericasawnarroweddeclineof-4%yoydrivenbypositiveexportvaluegrowthfromJapan
MonthlyChinaandJapantotalexportvaluetoNorthAmericaandyoy%change
Exhibit14:EuropealsosawnarroweddeclineyoyinJulymainlyhelpedbyChinaexportsasJapanexportsvalueweakenedfurther
MonthlyChinaandJapantotalexportvaluetoEuropeandyoy%change
mnUSD
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
%yoy100%80%
60%
40%
20%
0%
-20%-40%-60%-80%-100%
China%yoy
China
Japan%yoy
Japan
Overall%yoy
mnUSD700
600500400300200100
0
%yoy100%80%
60%
40%
20%
0%
-20%-40%-60%-80%-100%
China%yoy
China
Japan%yoy
Japan
Overall%yoy
mnUSD
700
600
500
400
300
200
100
0
%yoy100%80%
60%
40%
20%
0%
-20%-40%-60%-80%-100%
China%yoy
Japan
Japan%yoy
China
Overall%yoy
Source:ChinaCustoms,JapanMinistryofFinanceSource:ChinaCustoms,JapanMinistryofFinanceSource:ChinaCustoms,JapanMinistryofFinance
Exhibit15:Similartothevolumetrend,SouthAmericahasmoderatedsinceMay
MonthlyChinaandJapantotalexportvaluetoSouthAmericaandyoy%change
Exhibit16:MiddleEastandAfricaturnednegativeyoyin
July,withAfricahavingturnednegativeyoypartiallyoffsetbymildgrowthinMiddleEast
MonthlyChinaandJapantotalexportvaluetotheMiddleEastandAfricayoy%change
Exhibit17:OtherAsiarecordednarrowedyoydeclineinJulymainlyhelpedbytherecoveryofChinaexportsintoSoutheastAsia
MonthlyChinaandJapantotalexportvaluetoOtherAsiaandyoy%change
mnUSD
120
100
_
80
60
40
20
0
China
Japan%yoy
Japan
Overall%yoy
%yoy100%80%
60%
40%
20%
0%
-20%-40%-60%-80%-100%
China%yoy
mnUSD
300
250
200
150
100
50
0
China
Japan%yoy
%yoy100%80%
60%
40%
20%
0%
-20%-40%-60%-80%-100%
JapanChina%yoy
Overall%yoy
mnUSD400
350300250200150100
50
0
%yoy100%80%
60%
40%
20%
0%
-20%-40%-60%-80%-100%
ChinaJapanChina%yoy
Japan%yoyOverall%yoy
Source:ChinaCustoms,JapanMinistryofFinance
Source:ChinaCustoms,JapanMinistryofFinance
OtherAsia=AsiaexludingJapanandChina
Source:ChinaCustoms,JapanMinistryofFinance
3September20247
GoldmanSachsChinaandJapanMachineryExportTracker
Exhibit18:SummaryofChinaandJapanexportvolumeandvaluetrendsbydestination
_
yoychg%and%oftotalbreakdownbyregions
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24
Jul-24
3Q22
4Q22
1Q23
2Q23
3Q23
4Q23
1Q24
2Q24
2018
2019
2020
2021
2022
2023
Exportvolume%yoy
18%
18%
20%
19%
27%
21%
22%
2%
9%
-2%
0%
-7%
2%
-5%
-6%
-4%
0%
-3%
1%
10%
39%
22%
19%
24%
3%
-2%
-5%
-1%
16%
6%
-3%
65%
28%
10%
TotalAmerica
27%
44%
29%
21%
32%
16%
40%
37%
49%
36%
24%
-3%
38%
4%
17%
36%
16%
16%
37%
30%
41%
27%
30%
29%
40%
19%
20%
24%
16%
14%
-17%
62%
34%
29%
NorthAmerica
29%
53%
41%
25%
31%
17%
44%
43%
61%
39%
28%
-8%
41%
4%
12%
31%
12%
14%
41%
34%
36%
31%
37%
31%
46%
19%
17%
23%
15%
13%
-18%
51%
31%
32%
US
24%
50%
51%
25%
32%
13%
45%
44%
67%
39%
31%
-8%
39%
6%
9%
31%
12%
10%
42%
33%
35%
29%
40%
29%
48%
20%
17%
22%
15%
16%
-19%
48%
30%
33%
Non-US
164%
84%
-28%
23%
30%
71%
35%
34%
14%
38%
-12%
0%
57%
-12%
65%
33%
9%
42%
37%
44%
51%
52%
18%
44%
29%
11%
25%
29%
17%
-20%
-5%
88%
47%
26%
SouthAmerica
15%
9%
-29%
-10%
38%
9%
17%
11%
3%
19%
4%
32%
18%
6%
62%
81%
55%
36%
4%
9%
73%
6%
-10%
19%
11%
17%
45%
29%
27%
30%
-3%
219%
54%
9%
TotalEurope
26%
31%
15%
24%
38%
42%
41%
-4%
-7%
-23%
-17%
-21%
-28%
-26%
-28%
-35%
-20%
-29%
-27%
-12%
28%
35%
23%
40%
-12%
-22%
-31%
-26%
14%
13%
-2%
60%
23%
5%
WesternEurope
18%
25%
9%
7%
23%
23%
28%
1%
-7%
-21%
-19%
-29%
-36%
-29%
-33%
-37%
-33%
-37%
-39%
-32%
17%
31%
12%
25%
-9%
-28%
-33%
-36%
12%
10%
-4%
52%
16%
-2%
CentralandEasternEurope
102%
90%
81%
113%
180%
198%
95%
-22%
-21%
-39%
-22%
42%
-10%
-17%
-23%
-39%
5%
-29%
11%
73%
83%
71%
98%
153%
-29%
-4%
-29%
-6%
38%
42%
20%
141%
61%
35%
OtherEurope
21%
4%
-14%
102%
13%
17%
107%
-15%
34%
20%
52%
-2%
54%
-11%
29%
-11%
58%
52%
3%
58%
103%
15%
30%
42%
7%
33%
-3%
33%
42%
109%
41%
101%
72%
28%
TotalMiddleEastandAfrica
117%
83%
118%
63%
52%
85%
42%
43%
66%
23%
33%
49%
19%
0%
18%
43%
37%
8%
16%
14%
62%
45%
85%
57%
42%
32%
21%
20%
1%
-15%
23%
82%
56%
52%
MiddleEast
239%
252%
208%
144%
102%
143%
44%
59%
98%
43%
37%
40%
-11%
-21%
6%
29%
15%
-21%
-16%
18%
104%
138%
195%
86%
62%
17%
5%
-8%
12%
-24%
23%
79%
112%
75%
Africa
17%
-21%
19%
-11%
1%
28%
39%
26%
33%
-3%
27%
63%
92%
60%
54%
78%
80%
62%
72%
7%
30%
-17%
-8%
23%
17%
61%
65%
71%
-6%
-7%
23%
84%
17%
22%
TotalAsia
-17%
-22%
2%
11%
5%
-11%
-26%
-33%
-20%
-27%
-9%
6%
10%
23%
-8%
-11%
6%
24%
2%
27%
53%
-7%
-3%
-12%
-27%
2%
0%
10%
24%
-3%
8%
78%
25%
-11%
GreaterChina
-22%
-26%
126%
22%
164%
49%
103%
35%
40%
3%
10%
29%
-63%
14%
-37%
-25%
20%
19%
-2%
-11%
-63%
-34%
16%
95%
27%
-17%
-17%
11%
34%
-9%
-15%
-17%
-62%
23%
NortheastAsia
167%
29%
132%
69%
43%
15%
6%
19%
2%
2%
-35%
-41%
-33%
-15%
-19%
-34%
-25%
19%
-18%
12%
25%
51%
67%
21%
8%
-36%
-23%
-11%
-3%
-7%
15%
38%
11%
15%
IndiaSubcontinent
-7%
-5%
-14%
7%
109%
-5%
-54%
-20%
-53%
-6%
-3%
13%
18%
81%
44%
17%
61%
66%
-20%
9%
86%
-9%
-4%
-10%
-27%
9%
50%
42%
23%
-10%
2%
139%
6%
-7%
SoutheastAsia
-25%
-33%
-12%
6%
-5%
-19%
-34%
-45%
-23%
-36%
-9%
8%
12%
17%
-12%
-14%
-1%
17%
-1%
23%
71%
-11%
-13%
-21%
-36%
3%
-5%
4%
27%
-3%
24%
102%
39%
-18%
OtherAsia
-18%
-6%
16%
-4%
0%
30%
55%
45%
27%
35%
46%
66%
125%
125%
4%
62%
88%
68%
77%
135%
-5%
4%
1%
25%
36%
77%
56%
77%
50%
21%
-36%
63%
9%
33%
Oceania
1%
-36%
-4%
-18%
1%
-1%
6%
-25%
-19%
-18%
-26%
-27%
-30%
-4%
-24%
-29%
-28%
-17%
-45%
-44%
39%
17%
-21%
2%
-21%
-28%
-20%
-32%
22%
-21%
22%
64%
28%
-17%
Exportvolume%oftotal
TotalAmerica
32%
33%
32%
30%
35%
34%
35%
39%
39%
43%
41%
37%
43%
37%
40%
43%
40%
41%
47%
46%
29%
34%
32%
34%
40%
41%
40%
43%
33%
36%
31%
30%
31%
37%
NorthAmerica
28%
28%
29%
27%
31%
30%
30%
33%
34%
38%
36%
31%
39%
31%
35%
38%
35%
35%
43%
40%
24%
29%
28%
31%
35%
35%
35%
38%
32%
34%
29%
26%
27%
32%
US
26%
25%
27%
24%
28%
27%
27%
30%
31%
34%
34%
29%
36%
28%
32%
33%
31%
30%
39%
36%
22%
27%
26%
27%
32%
33%
31%
34%
29%
32%
27%
24%
24%
29%
Non-US
2%
3%
2%
3%
4%
4%
3%
3%
3%
3%
2%
3%
3%
3%
3%
4%
4%
5%
4%
4%
2%
2%
3%
3%
3%
3%
4%
4%
3%
2%
2%
2%
3%
3%
SouthAmerica
4%
5%
3%
3%
3%
4%
4%
6%
5%
5%
5%
6%
5%
6%
5%
5%
5%
5%
4%
6%
5%
4%
4%
4%
5%
5%
5%
5%
2%
2%
2%
4%
5%
4%
TotalEurope
40%
37%
37%
41%
37%
40%
38%
34%
33%
30%
31%
31%
28%
29%
29%
28%
30%
29%
27%
27%
37%
38%
39%
38%
32%
30%
28%
29%
36%
39%
39%
38%
37%
35%
WesternEurope
32%
28%
30%
29%
27%
28%
28%
27%
26%
23%
23%
23%
20%
21%
21%
19%
18%
18%
17%
17%
28%
30%
29%
28%
25%
22%
21%
18%
34%
35%
35%
33%
29%
26%
CentralandEasternEurope
6%
6%
6%
9%
8%
9%
6%
4%
5%
5%
6%
6%
5%
6%
5%
6%
8%
7%
7%
7%
7%
6%
7%
8%
5%
6%
5%
7%
2%
2%
3%
4%
5%
6%
OtherEurope
2%
2%
2%
3%
2%
3%
3%
2%
2%
2%
2%
2%
3%
2%
2%
3%
3%
4%
3%
3%
2%
2%
2%
3%
2%
2%
2%
4%
0%
1%
1%
2%
2%
2%
TotalMiddleEastandAfrica
6%
8%
8%
6%
6%
7%
6%
7%
8%
7%
7%
8%
8%
8%
10%
9%
8%
7%
7%
7%
5%
5%
7%
6%
7%
7%
9%
8%
4%
3%
4%
4%
5%
7%
MiddleEast
5%
6%
6%
4%
4%
4%
4%
4%
5%
5%
4%
4%
4%
5%
7%
6%
4%
4%
3%
5%
3%
4%
5%
4%
5%
4%
6%
4%
2%
1%
2%
2%
3%
5%
Africa
2%
2%
2%
2%
2%
2%
2%
3%
3%
3%
2%
3%
4%
4%
3%
3%
3%
4%
4%
3%
2%
2%
2%
2%
3%
3%
3%
4%
2%
2%
2%
2%
2%
2%
TotalAsia
15%
16%
17%
18%
17%
14%
14%
14%
15%
14%
16%
18%
17%
21%
16%
16%
18%
18%
15%
17%
20%
16%
17%
15%
14%
17%
18%
17%
18%
17%
19%
20%
20%
16%
GreaterChina
1%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
1%
0%
0%
0%
0%
0%
1%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
3%
3%
2%
1%
0%
0%
NortheastAsia
2%
3%
3%
2%
3%
2%
2%
2%
2%
2%
1%
1%
1%
3%
3%
2%
2%
2%
2%
2%
2%
2%
3%
2%
2%
1%
2%
2%
3%
2%
3%
2%
2%
2%
IndiaSubcontinent
2%
2%
2%
1%
1%
1%
1%
1%
1%
2%
2%
2%
2%
4%
2%
2%
2%
2%
0%
1%
2%
2%
2%
1%
1%
2%
2%
1%
2%
1%
1%
2%
2%
1%
SoutheastAsia
11%
10%
11%
13%
12%
10%
10%
9%
11%
9%
12%
13%
12%
12%
10%
11%
12%
12%
10%
10%
16%
11%
11%
11%
10%
12%
11%
11%
10%
9%
11%
14%
15%
11%
OtherAsia
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
2%
2%
2%
2%
1%
1%
1%
1%
1%
1%
1%
2%
1%
2%
1%
1%
1%
1%
Oceania
7%
5%
6%
5%
6%
5%
7%
6%
6%
6%
5%
6%
5%
5%
5%
4%
4%
5%
4%
3%
8%
7%
5%
6%
6%
5%
5%
4%
8%
6%
8%
8%
8%
6%
Exportvalue(US$m)%yoy
26%
20%
17%
23%
36%
19%
23%
-1%
8%
-18%
-10%
-17%
-7%
-16%
-12%
-17%
-19%
-20%
-19%
-9%
45%
24%
20%
26%
-5%
-11%
-15%
-20%
22%
0%
-16%
68%
31%
6%
TotalAmerica
40%
49%
18%
22%
38%
4%
52%
3%
30%
3%
6%
-21%
40%
-15%
16%
5%
-14%
-15%
-17%
-1%
49%
32%
28%
30%
10%
6%
1%
-15%
22%
14%
-26%
54%
35%
18%
NorthAmerica
36%
56%
28%
27%
37%
6%
62%
5%
46%
5%
7
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