Mechanical Engineering: 2024 Preliminary Results of World Exports

An overall Y-o-Y growth (thanks to an accelerating second half), but with significant sectoral differences

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The pre-estimates of the 4th quarter of 2024 of world trade, available in the ExportPlanning Information System, allow to draw up a balance of the results of the 2024 pre-consolidated figures of world exports of Mechanical Engineering1.

After a 2023 (+1.2% at constant prices2) and a first half of 2024 (+0.7% trend, at constant prices) in weak growth, the second part of last year showed an overall acceleration of world exports of Mechanical Engineering (+5.9% trend in the measurement at constant prices).

The overall end-of-year result 2024 shows an average annual increase of +3.3% compared to 2023 (constant prices), thus allowing a strengthening of the growth rate compared to the previous year.

Positive 2024 performance for global sales of Mechanical Engineering, but not in all sectors

World Exports of Mechanical Engineering by sectors:
Year-over-Year changes at constant prices

Y-o-Y percentage variations at constant prices
Year 2023 H1-2024 Q3-2024 Q4-2024 Jan-Dec 2024
Measuring Instruments + 7.1 + 1.1 + 6.3 + 4.3 + 3.2
Lifting and Handling Equipment - 1.4 + 9.3 +17.8 +19.7 +14.1
Pumps and Filters - 3.6 + 4.4 + 3.1 + 4.7 + 4.1
Pumps and Compressors - 0.5 - 2.2 + 1.3 + 6.5 + 0.7
Boilers, Turbines and Engines - 2.0 -11.3 - 6.4 - 0.9 - 7.6
Electromechanical Tools -13.7 + 6.0 +13.3 +18.4 +10.8
Apparatus for Automatic Control + 1.3 - 2.4 - 3.6 - 2.7 - 2.8
Valves and Pressure Reducers + 6.9 - 1.0 + 0.3 + 1.1 - 0.2
Heat Exchangers + 5.8 - 9.5 + 2.3 + 9.3 - 2.2
Metal Containers - 6.3 - 1.1 + 2.4 + 3.8 + 0.9
Signalling Equipment + 9.9 - 4.2 + 1.0 - 0.9 - 2.1
Boilers and Furnaces + 0.7 - 1.6 + 3.6 + 0.6 + 0.2
TOTAL + 1.2 + 0.7 + 5.3 + 6.4 + 3.3
Source: ExportPlanning - Data - Quarterly Trade Data, World Trade DataMart

Analyzing the 2024 pre-final data of world exports of Mechanical Engineering:

  • the following sectors showed strong acceleration and quite positive results:
    • lifting and handling equipment3: thanks to a second half of double-digit percentage Year-over-Year growth (+18.8 percent, measured at constant prices), world exports of the sector closed 2024 with an estimated Y-o-Y growth of over 14 percentage points (more than offsetting the slight decline recorded in the 2023 average [-1.4% Y-o-Y]);
    • pumps and filters4: after a 2023 decline (-3.6% Year-over-Year at constant prices), in 2024 world exports of the sector showed a re-acceleration, with an average annual growth of over 4 percent at constant prices, leading to a full recovery compared to the previous year;
    • measuring instruments5: after a weak first half (+1.1% Year-over-Year at constant prices), the improvement in the second part of 2024 (+5.3% Y-o-Y, at constant prices) allowed world exports of the sector to close the year with an Y-o-Y increase of +3.2% compared to 2023 (constant prices), confirming the positive growth result recorded the previous year;
    • pumps and compressors6: after a negative first half (-2.2% Year-over-Year at constant prices), the improvement in the second half of 2024 (+3.9% Y-o-Y, at constant prices) allowed world exports of the sector to close the year with a - albeit moderate - Y-o-Y increase compared to 2023 (+0.7% at constant prices), capable of filling the gap compared to the previous year (which closed with a -0.5% Y-o-Y at constant prices);
  • the performance of the following sectors showed an improving Y-o-Y trend (even quite remarkable), but not enough to compensate for the decline in 2023:
    • electromechanical tools7: despite showing a significant improvement during the second half of last year (+15.9% Year-over-Year, at constant prices), the result at the end of 2024 of world exports of sector (+10.8% Y-o-Y, at constant prices) appears not sufficient to fully compensate for the penalty recorded the previous year (-13.7% Y-o-Y at constant prices);
    • tanks, reservoirs and other metal containers8: despite showing a - albeit moderate - improvement during the second half of last year (+3.1% Year-over-Year, at constant prices), the result at the end of 2024 of the sector's world exports (+0.9% Y-o-Y, at constant prices) appears decidedly not sufficient to compensate for the penalty recorded the previous year (-6.3% Y-o-Y);
  • the following sectors showed negative performances at the end of 2024:
    • boilers, turbines and engines9: mainly due to a significantly negative first part of the year (-11.3 percent Year-over-Year, at constant prices), 2024 saw world exports of the sector decline on average over the year by almost 8 percentage points in the measurement at constant prices, worsening the already negative result of 2023 (-2% Y-o-Y at constant prices);
    • apparatus for automatic control10: the Year-over-Year decline of over 3 percentage points (constant prices) in the second part of 2024 led world exports of the sector to contract at the end of the year by 2.8 percentage points (constant prices), thus nullifying the growth shown the previous year (+1.3% Y-o-Y, at constant prices);
    • heat exchangers11: despite the acceleration in the second half of the year (+5.8% Year-over-Year at constant prices), world exports of the sector are estimated to have contracted by more than 2 percentage points (Y-o-Y at constant prices) in 2024;
    • signalling equipment12: despite the partial improvement in the second half of the year, world exports of the sector are estimated to have contracted by more than 2 percentage points (Year-over-Year, at constant prices) in 2024, due to a largely negative first half of the year (-4.2% Y-o-Y at constant prices).

Finally, the picture closes - with substantially stable 2024 results in world exports measured at constant prices - with the sectors valves and pressure reducers13 and burners and furnaces14, both, however, worsening compared to 2023.

The importance of monitoring market conditions
at a "product-specific" level

The most recent dynamics highlight an overall growing context for world exports of Mechanical Engineering.
However, the high heterogeneity of the results at sector level suggests to an exporting company the strategic utility of continuous monitoring of market conditions, in terms of demand and dynamics of the main competitors for the product/strategic business area of reference, in order to allow it to best support its international positioning.

With the aim of allowing constant monitoring of foreign markets of reference at a "product-specific" level, ExportPlanning provides Market Insights, a new series of information services aimed at specifically supporting the market intelligence and budgeting processes of exporting companies.

1) The aggregate here considered refers to engineering and industrial production that includes a wide range of activities related to the design, construction and maintenance of machinery and mechanical components.
2) The measure Quantities at constant prices (Q) includes a deflation operation, in which the historical series of monetary values (V) has been transformed into an analogous series of values expressed at constant prices, with a reference to a given year, known as the base year. For a description of the methodology applied, please refer to Methodological Note on the Quarterly World Trade Datamart.
3) See the related sector description.
4) See the related sector description.
5) See the related sector description.
6) See the related sector description.
7) See the related sector description.
8) See the related sector description.
9) See the related sector description.
10) See the related sector description.
11) See the related sector description.
12) See the related sector description.
13) See the related sector description.
14) See the related sector description.