Tuesday, June 18, 2024
BusinessChina May Become the World’s Largest Exporter of Automobiles

China May Become the World’s Largest Exporter of Automobiles

China’s automobile exports have reached a new milestone, surpassing Japan in terms of quarterly export volume and ranking first in the world.

According to the data compiled by the China Association of Automobile Manufacturers and the General Administration of Customs, China exported 1.07 million vehicles from January to March this year, a year-on-year increase of 58.1%.

During the same period, Japan’s automobile exports were 954,000 units, an increase of 5.6% compared with the same period last year.

In the first quarter, the top ten countries in terms of export value of Chinese automotive products were Russia, the United States, Mexico, the United Kingdom, Belgium, Japan, Australia, Germany, the United Arab Emirates and South Korea. The cumulative export value of automotive products to these ten countries was USD 22.74 billion, accounting for 48.5% of total exports.

In 2021, China’s automobile exports exceeded 2 million for the first time, reaching 2.015 million vehicles and surpassing South Korea to become the third largest automobile exporter in the world after Japan and Germany.

In 2022, China’s automobile exports further increased with a total of 3.11 million vehicles exported throughout the year, surpassing Germany to become the second largest automobile exporting country in the world after Japan.

The trend of rapid growth in China’s automobile exports is still continuing. According to data from the China Association of Automobile Manufacturers, in April, car companies exported 376,000 vehicles, an increase of 3.3% compared to the previous month and a year-on-year increase of 1.7 times. In addition, according to predictions by the China Passenger Car Association, this year’s Chinese automobile export volume will reach 4 million vehicles and is expected to surpass Japan for the whole year.

SourcePandaily
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