Pacific Securities: Excavator customs exports continue to grow year-on-year in January and February, with overseas market prosperity continuing

Pacific Securities released a research report stating that customs data show that excavator exports have continued to maintain strong year-over-year growth, and that downstream, major regions overall present a good trend. The firm believes that as overseas business conditions continue and as domestic brands further deepen their efforts in overseas regional markets, exports are expected to continue to deliver solid performance. The firm continues to be optimistic about the construction machinery sector.

Pacific Securities’ key viewpoints are as follows:

Event: Recently, the General Administration of Customs released January and February 2026 excavator product export data.

1+2 month excavator customs exports continue to see high year-over-year growth; overseas business conditions continue

Customs export figures: for January and February this year, the excavator export sales amount was 12.98B yuan, up 29.69% year over year, maintaining a relatively high growth rate. In 2025 full year, excavator customs export sales amount was 76.63B yuan, up 30.96% year over year, indicating that overseas market business conditions continue to be favorable.

Overseas mining-related markets remain buoyant; demand in Europe and the U.S. improves

From January+February customs exports by overseas region: among them, the Southeast Asia market shows a solid year-over-year increase, mainly because demand in this region has stayed strong and the base in the same period last year was relatively low; the Western Europe market maintains a recovery trend and also sustains a high growth rate; the U.S. market is bottoming out and trending upward, with a relatively low base last year, and therefore achieves year-over-year growth; the Russia market declines more year over year, mainly due to the impact of the scrappage tax, which brings forward export demand; South America and Africa benefit from strong overseas mining capital expenditure, with demand continuing to improve and resulting in high year-over-year growth. Specifically: 1）Southeast Asia (Brunei, Thailand, Vietnam, Myanmar, Cambodia, Laos, Malaysia, Singapore, Indonesia, Timor-Leste, the Philippines) achieved sales revenue of 2.95B yuan, up 34.45% year over year; 2）Western Europe—12 countries (the United Kingdom, France, Germany, Italy, the Netherlands, Belgium, Austria, Switzerland, Norway, Denmark, Finland, Sweden) achieved sales revenue of 1.75B yuan, up 39.70% year over year; 3）the United States achieved sales revenue of 434M yuan, up 15.70% year over year; 4）Russia achieved sales revenue of 202M yuan, down 76.64% year over year; 5）South America achieved sales revenue of 1.53B yuan, up 67.84% year over year; 6）Africa achieved sales revenue of 3.4B yuan, up 62.14% year over year.

Risk warning: risks such as intensifying overseas market competition, risks of global macroeconomic fluctuations, etc.

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