Tuesday, November 28, 2023

China to Become World’s Largest Automobile Exporter

China is on track to become the world’s largest car exporter this year, with 3.9 million vehicles shipped in the first 10 months. This announcement was made by an official from the China Council for the Promotion of International Trade during the 21st Guangzhou International Automobile Exhibition. Despite global challenges, China’s automotive industry has made significant progress in internationalization.

In the first quarter, China surpassed Japan by exporting 1.07 million vehicles, establishing itself as the leading global car exporter. The export volume continued to rise, experiencing a substantial 59.7 percent year-on-year growth to reach 3.92 million units in the first 10 months. Alongside this increase, the per-vehicle export price also went up from 85,000 yuan in 2014 to 137,000 yuan in the first three quarters of 2023.

Wang Xia, the head of the Council’s automotive sub-council, highlighted the impressive evolution of China’s automobile industry on the global stage. In 2001, the industry’s export value was only 1.56 billion U.S. dollars, making up just 0.65 percent of the global share.

Looking ahead, Wang expressed confidence in the future growth of China’s car market. He anticipates new opportunities driven by policies aimed at economic stabilization, the promotion of consumption, and the gradual restoration of consumer confidence.

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