The Bearing Export of Luoyang City Hit $14.44 Million For The 1st Ten Months

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Nov 23,2007

The Bearing Export of Luoyang City Hit $14.44 Million For The 1st Ten Months Luoyang bearing industry faced new opportunities after Luoyang Government launched preferential policies this year. It was reported from Luoyang Customs that 3.34 million sets bearings were exported, worth of $14.44 million, which surpassed the total amount of the previous two years’. The export of bearings grows greatly due to the rapid development of the private enterprises. This year, the number of export enterprises reached 19, an increase of 58.3% year-on-year. The total export of these private companies hit worth $12.80 million for the first ten months, a growth of 3.7 times year-on-year, accounting for 88.6% of the total amount. The market for Luoyang bearing has been shifted from the traditional North America to Europe which is now the largest market. Luoyang bearings have been exported to 18 countries in Europe this year, an increase of 63.6% year-on-year. The products structures were further optimized, focusing on large-size, special and high precision bearings. From January to October, 3.34 million sets bearings were exported, decreased by 15.4% year-on-year, but the total amount doubled. The average price of the bearings increased 2.3 times, from last year’s $0.69 per set to $1.6 per set. It was analyzed that the changes of the domestic and international markets brought new opportunities for bearing industry. Bearing demands were predicted to increase greatly in the future. In this situation, Luoyang bearing industry will surely develop rapidly in the near five or ten years, so will the technology, products, market demands and industry structures of bearing industry.

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