机械行业海关总署出口月报（十二）：5月向北美地区出口同比降温明显，工程机械品类出口保持高景气度-20250624

Investment Rating - The mechanical industry is rated as "Buy" [1] Core Views - The report highlights a significant decline in exports to North America in May, while the engineering machinery category remains robust [1] - The negative impact of tariffs on the economy is evident, with a notable drop in U.S. retail sales and a decrease in durable goods consumption [3] - The report suggests a focus on emerging markets such as Africa and Latin America, which are showing strong growth in exports [7][8] Summary by Sections Consumer Goods - Electric tools, hand tools, and lawn mowers are primarily targeted at high-end consumers in Europe and the U.S. [3] - In the first five months of 2025, the cumulative export growth rates for electric tools, hand tools, and lawn mowers were 7%, -7%, and 49% respectively [4] - Exports to North America for electric tools and lawn mowers showed a year-on-year decline of 3% and 1% respectively, indicating a cooling in exports due to tariffs [4][11] Capital Goods - Industrial sewing machines are mainly exported to Asia, with Turkey, Vietnam, and Singapore as key markets [5] - Forklifts and machine tools also have significant markets in Asia and Europe, with export growth rates of 41% and 23% to Africa and Latin America respectively in the first five months of 2025 [6][7] - The cumulative export growth rate for engineering machinery reached 10% in the first five months of 2025, with Africa showing the fastest growth at 64% [6] Engineering Machinery - The export growth rates for major categories of engineering machinery, including excavators and tractors, were 22% and 30% respectively in the first five months of 2025 [10] - The report emphasizes the potential for a new round of capital expenditure in the mining sector, suggesting investment opportunities in related companies [11]