China’s shipbuilding industry sets global pace with double-digit growth

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24th September 2023 – (Beijing) China’s shipbuilding industry has once again demonstrated its global dominance as it recorded remarkable growth in both output and new orders during the first eight months of this year, according to industry data.

Data released by the China Association of the National Shipbuilding Industry revealed that the country’s shipbuilding output soared to 27.98 million deadweight tonnes (dwt) during this period, marking a significant 16.9 per cent increase compared to the previous year.

The shipbuilding sector in China also witnessed a staggering surge in new orders, with a remarkable 86.5 per cent growth, totalling 52.31 million dwt, as reported by the association.

These impressive figures solidify China’s position as the leading shipbuilding nation, with its output accounting for a staggering 49 per cent of the global total. Furthermore, the country’s new orders constitute a substantial 68.8 per cent share, further underscoring its dominance in the industry.

In addition to its impressive production figures, China’s ship exports have also experienced robust growth in the first eight months of 2023. The export value witnessed a remarkable increase of 20.2 per cent year on year, reaching a total of 16.18 billion U.S. dollars.

The continuous growth and success of China’s shipbuilding industry can be attributed to various factors, including the country’s robust infrastructure, advanced technology, and skilled workforce. China’s shipyards are renowned for their efficiency, quality, and ability to deliver vessels within strict timelines, which has bolstered their reputation and attracted international clients.

The global shipping industry relies heavily on China’s shipbuilding capabilities, as the country’s shipyards consistently deliver a wide range of vessels, including bulk carriers, container ships, and oil tankers, to meet the growing demands of the maritime sector.

China’s shipbuilding industry’s remarkable performance not only contributes significantly to the country’s economic growth but also strengthens its position as a global leader in maritime trade and transportation.

As the industry continues to evolve and adapt to emerging technologies and environmental regulations, China remains committed to investing in research and development to further enhance its shipbuilding capabilities and maintain its competitive edge in the global market.

With its impressive growth trajectory and unwavering commitment to innovation, China’s shipbuilding industry is expected to maintain its position at the helm of the global shipbuilding landscape, shaping the future of maritime trade and transportation.