Posted on 19 Sep 2023
China, the world's largest automobile producer, recorded a 69% on-year surge in automotive exports during the January-August period to reach 3.22 million units, the latest data from the country's General Administration of Customs (GACC) on Monday showed.
Within the totals, 440,000 units were shipped overseas during August alone, higher by a large 42.2% on year and up 6.8% on month, the data results indicated.
In contrast to the rocketing exports, China's vehicle imports for August and for the past eight months both declined, according to the GACC, with the former dipping by 1.4% to 70,000 units and the latter falling more sharply by 17.7% to 490,000 units.
As for the new-energy vehicle (NEV) segment, the total export volume jumped by a remarkable 92.4% on year to 1.08 million units over January-August, including 147,394 units during last month alone, up 32% on year, the Customs data showed.
Meanwhile, last Wednesday the European Commission (EC) announced it was launching an anti-subsidy probe into Chinese electric vehicles, saying that Beijing's support for the sector unfairly benefits Chinese exporters at the expense of European automakers, as reported. Depending on the outcome of the investigation, the European Union could potentially impose punitive tariffs higher than the standard 10% rate for Chinese-made electric cars – a possible outcome that has provoked serious concerns and strong dissatisfaction among Chinese authorities.
China exported around 545,000 NEVs to the European market last year, accounting for 48.7% of the total exports, according to Cui Dongshu, secretary general of the China Passenger Car Association.
Europe and Asia are two main recipients of rising Chinese NEV exports, according to Cui.
In addition, the EC said China's share of all NEVs sold in Europe has risen to 8% and may reach 15% in 2025.
China's exports and imports volume of automobiles
'000 units | Aug | Jan-Aug | ||||||
Exports | YoY (%) | Imports | YoY (%) | Exports | YoY (%) | Imports | YoY (%) | |
All autos | 440 | 42.4 | 70 | -1.4 | 3,220 | 69 | 490 | -17.7 |
NEVs | 147 | 32 | 15 | 21 | 1,080 | 92.4 | 86 | 2.2 |
Source: GACC |
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China's NEV exports by destination ('000 units)
| 2020 | 2021 | 2022 |
Europe | 72.3 | 285.2 | 545.2 |
Asia | 137.5 | 244.7 | 447.0 |
Oceania | 1.1 | 21.9 | 57.4 |
North America | 7.5 | 27.3 | 43.8 |
South America | 4.1 | 9.2 | 23.3 |
Africa | 1.1 | 1.7 | 3.8 |
Total | 223.7 | 590.0 | 1,120.5 |
Source: Cui, CPCA | |||
Source:Mysteel Global
