China’s July automobile exports jump 63 per cent, helping extend the lead over Japan as the world’s biggest vehicle-exporting economy
- China’s July overseas shipments jumped 63 per cent to 310,000 vehicles from a year ago, raising the total to 2.65 million units in the first seven months of the year
- Local brands made up 248,000 units, or 80 per cent, of July’s exports, according to data compiled by the China Passenger Car Association
China’s home-grown marques delivered more automobiles abroad in July, driving a two-thirds jump in monthly exports that extended the nation’s lead over Japan as the world’s largest vehicle exporter.
“Carmakers maintained a growth trajectory for exports and rising demand for Chinese vehicles are encouraging assemblers to ramp up production,” said Gao Shen, an independent analyst in Shanghai. “More Chinese automotive firms are now looking to bolster sales in overseas markets.”
The latest numbers widened China’s 15.8-per cent lead over Japan. China exported 2.34 million vehicles in the first half, more than the 2.02 million Japanese marques reported by the Japan Automobile Manufacturers Association (JJAMA). Japan exported 3.5 million vehicles in 2022.
To be sure, China’s July exports growth slowed by 24.4 per cent compared with June’s shipments of 410,000 units. Still, analysts said growth may pick up over the coming months as Chinese-made vehicles are increasingly well received by consumers in some developing countries.