Trade Trends News
· China's overseas shipment in July increased by 63% YoY to 310,000 vehicles, totaling 2.65 million vehicles for the first seven months of the year.
· According to data from the China Passenger Car Association (CPCA), local brands exported 248,000 vehicles in July, accounting for 80% of total exports.
In July, Chinese domestic brands delivered more vehicles overseas, propelling a two-thirds growth in monthly exports and thereby extending China's lead over Japan as the world's largest car exporter.
Data compiled by the China Passenger Car Association (CPCA) reveals that overseas shipments in July surged by 63% to reach 310,000 vehicles, contributing to a total of 2.65 million vehicles for the first seven months of the year. The CPCA notes that local brands accounted for 248,000 units in July, making up 80% of total exports.
Shanghai-based independent analyst Gao Shen stated, "Car manufacturers are maintaining their export momentum, with growing demand for Chinese cars encouraging assemblers to increase production." He added, "More and more Chinese automakers are now seeking to strengthen sales in overseas markets."
The latest figures have expanded China's lead over Japan by 15.8%. In the first half of the year, China exported 2.34 million cars, surpassing the 2.02 million cars of Japanese brands reported by the Japan Automobile Manufacturers Association (JJAMA). Japan's car exports in 2022 stood at 3.5 million units.
It's worth noting that China's export growth rate in July slowed by 24.4% compared to June's shipment of 410,000 units. Nevertheless, analysts suggest that with Chinese-manufactured cars gaining popularity among consumers in developing countries, growth may accelerate in the coming months.
Some Chinese assemblers in the left-hand drive market are developing right-hand drive vehicles for export.
Hozon has begun taking orders for its flagship Neta S electric sedan and compact sports utility vehicle (SUV) Neta U-II and Neta V. China's largest SUV manufacturer, Great Wall, has announced plans to sell multiple models, including the Tank 500, and the Haval H6 model in Indonesia.
While CPCA did not disclose electric car export figures for July, Canalys forecasted in June that overseas sales of China's pure electric and plug-in hybrid vehicles are expected to reach 1.3 million units in 2023, nearly double last year's 679,000 units.
The research firm added that by 2022, they will contribute to boosting exports of gasoline and battery-powered vehicles from 3.11 million units to 4.4 million units.
China stands as the world's largest automobile and electric vehicle market, with around 200 electric vehicle assemblers competing and developing green intelligent cars that could shape the future of mobility.
UBS analyst Paul Gong predicted in April that mainland China's electric vehicle sales will grow by 35% this year, reaching 8.8 million units.
The robust growth in China's car exports contrasts sharply with the decline in commodity exports so far this year.
China Customs data reveals that China's exports fell for the third consecutive month in July, dropping by 14.5% YoY to $281.76 billion, marking the largest YoY decline since February 2020.
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