According to data from China Customs, China’s automobile exports (including chassis) are expected to exceed 5.22 million units in 2023. Export value exceeded $101.6 billion, setting new record highs in export volume and export value. From a market perspective, Chinese brand cars are exported to more than 200 countries and regions around the world.
– Advertisement –
Automobile exports greatly contribute to the Chinese economy
They predicted that China’s total exports in 2023 would decline by 4.6% to $3.38 trillion. The increase in automobile exports directly contributed to 1.2% of China’s exports.
As a background, China’s automobile production and sales are expected to exceed 30 million units in 2023, setting a historic record.
– Advertisement –
According to customs data compiled by CPCA, China ranks first in the world in both automobile export volume and export value. Specifically, from January to December 2023, China’s automobile exports were 5.22 million units, an export growth rate of 57%. Japanese car exports from January to November totaled 3.99 million units, an increase of 15% from the same period last year. Annual export volume in 2023 is expected to be approximately 4.3 million units. By 2023, China’s automobile exports will exceed second-place Japan by nearly 1 million units.
In terms of export volume, China’s automobile exports from January to December 2023 were $101.6 billion, with an export growth rate of 69%. China’s automobile exports also exceeded Japan’s automobile exports.
Exports of finished cars are much larger than exports of auto parts.
In addition, China’s auto parts exports reached $87.7 billion from January to December, with a total of $189.3 billion for finished vehicles and parts.
– Advertisement –
China’s automobile supply chain is complete and costs are low. This is one of the essential reasons for the increase in China’s automobile exports. Especially when the global automobile core shortage begins in 2021, the supply chain of Chinese automobile enterprises is relatively stable, which can ensure stable production, reduce cost fluctuations, and strengthen international competitiveness. This is reflected in the surge in Chinese exports to Australia, Europe and Southeast Asia. These regions are the main export sales areas of traditional international automobile companies.
In 2023, China’s ICE exports are expected to increase by 54% to approximately 3.52 million units. Exports of EVs are expected to increase by 57% to 1.7 million units. China’s new energy vehicle exports were strong from the first quarter to the third quarter, but slowed down slightly in the fourth quarter. This was mainly related to the European anti-subsidy investigation into Chinese EVs. Of the EVs that China will export in 2023, pure EVs will account for 90% and PHEVs will account for 10%.
major export company
The top 10 exporters are Chery Automobile with 922,830 cars, SAIC with 685,018 cars, Tesla China with 344,078 cars, Geely with 274,101 cars, Great Wall Motor with 267,756 cars, and Yadi Automobile has 242,765 units, followed by Changan Automobile. 191,917 cars were manufactured by SAIC General Motors. Wuling has 184,935 vehicles, SAIC GM has 100,060 vehicles, and Jiangsu Yueda Kia has 86,899 vehicles.
Main export areas
Comparing some data on China’s overseas automobile exports in 2023, exports from South America and Africa in the southern hemisphere decreased, but exports from developed countries increased, especially exports from Mexico, Australia, the United Kingdom, and Israel. has increased significantly.
Overall China’s exports to Russia and the former CIS are expected to surge in 2023, accounting for 42% and 59%, respectively, of China’s auto export growth in that year. In 2023, China’s automobile exports to his CIS countries are estimated to be approximately 1.35 million units, an increase of 412%. Export value increased by 327% to $25.6 billion, of which 950,000 units were exported to Russia, an increase of 481%. Export value will increase by 388% to $19.7 billion.
Source: Dong-soo Choi of CPCA