Capital Goods - Chart of the Week #126: Exports of industrial good from China is on the rise

研报英文原文证据摘录

Capital Goods - Chart of the Week #126: Exports of industrial good from China is on the rise

Equity Research

European Capital Goods

21 June 2026

Capital Goods - Chart of the Week #126

Exports of industrial good from

China is on the rise

Our recent China trip suggested exports remain a key focus European Capital Goods

for Chinese OEMs to offset subdued domestic demand, NEUTRAL

especially in higher-tech/energy-related European Capital Goods

Timothy Lee, CFA

products. Competitive challenge for Western industrials: +44 (0)20 7773 6879

consumer-focused goods, wind turbines, electrical timothy.lee@barclays.com

Barclays, UK

equipment, fibre and more. Vlad Sergievskii

+44 (0)20 7116 1117

Exports an import factor to offset domestic weakness in China... While domestic demand in vlad.sergievskii@barclays.com

China remained muted or even worsened further in Apr-May, exports have been strong Barclays, UK

YTD, supporting the economy and offsetting the weakness in traditional areas such as George Featherstone, CFA

consumption and infra. Exports are particularly strong in higher-tech/energy-related products +44 (0)20 3555 8585

(e.g. heat pumps, wind turbines, optical fibres), driven by the AI boom and energy evolution as a george.featherstone@barclays.com

result of conflict in the Middle East. Exports are also an important avenue of growth for Chinese Barclays, UK

players when the domestic market is muted. For instance, the companies we met in our recent Rajesh Patki

China trip (our takeaway note here) indicated that electrical equipment/wind turbines/ +44 (0)20 3555 5193

compressors/autos/forklifts are seeing faster sales growth overseas than domestically. rajesh.patki@barclays.com

...but not necessarily good for European players. While those exposed to export-oriented end