China Trade Tracker and what it foretells for European Capital Goods

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China Trade Tracker and what it foretells for European Capital Goods

EQUITY RESEARCH | 27 July 2026 | 8:14AM BST

Europe Multi-Industry

China Trade Tracker and what it foretells for

European Capital Goods

In our China Import/Export Tracker, we examine 43 specific capital goods product categories relevant to our coverage.

We monitor for signs of competitive risk for our companies at a granular, product level. While Europe still leads in

exports of capital goods within our tracked products, accounting for 43% of global volumes, its share has decreased from

54% in 2005 (Exhibit 5). Meanwhile, China is steadily increasing its export presence in the global marketplace, gaining 16pp

of market share, from 7% in 2005 to 24% in 2025. While most of this share has been captured in Emerging Markets, this

presents increased competition for our covered companies. Europe’s relative size in the global exports market, vs. China, is

the highest in commercial vehicle engines, dairy machinery and rail brakes; however, China has made the fastest gains exactly

in those areas over the last five years (Exhibit 3).

Inside, we analyze the latest trends product by product, both over the long run and over the last few months. We also look a

trade defense investigations initiated in Europe. In this edition, we also include a competitive landscape in terms of patents

filed, which shows China has been the top patent filer, overtaking Europe in 2025.

Daniela Costa Christian Hinderaker, CFA Meihan Yang Aditya Agarwal

+44 20 7774-8354 +44 20 7774-7366 +44 20 7051-6601 +1 212 934-7448

daniela.costa@gs.com christian.hinderaker@gs.com meihan.x.yang@gs.com aditya.a.agarwal@gs.com

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