China's drilling and mining equipment manufacturing upgrade the export growth

The petroleum machinery industry is a labor-intensive and technology-intensive industry. In recent years, the level of manufacturing of China's petroleum machinery has progressed rapidly. The production technology of drilling machinery such as drilling rigs has caught up with the developed countries in Europe and America and surpassed Russia. However, compared to the high-price oil equipment in the United States, Russia, and other western countries, China's petroleum machinery products have obvious competitive advantages in terms of price, and they are generally about 20% to 25% cheaper. The export situation of China's petroleum machinery is relatively good. The average annual export volume is about 1 billion US dollars.