Examining China's Automotive Export Trends: Insights from 2023 Data | Tendata Trade Data

In the past three years, China's auto exports have grown at a rapid pace, crossing from 1 million to 5 million units, stepping into a period of rapid growth from the wandering finishing stage, and opening the golden age of going abroad belonging to China's automobiles. Under the unfavorable factors of the weak recovery of the global economy, China's vehicle exports in 2023 with about 5 million units exceeded 100 billion U.S. dollars, driving the deep integration of the global automotive industry chain.

According to Tendata Customs data, in 2023, China exported 4,997,300 complete vehicles (excluding low-value electric people carriers, the same below), up 59.1% year-on-year; the export value of 101.377 billion U.S. dollars, up 69.0% year-on-year. Among them, passenger cars exported 4,209,200 units, an increase of 68.9% year-on-year; the export value of 75.287 billion U.S. dollars, an increase of 78.0% year-on-year. Commercial vehicles exported 788,000 units, an increase of 21.5% year-on-year; the export value of 26.090 billion U.S. dollars, an increase of 47.4% year-on-year.

China's auto exports in 2023 have three major characteristics

1. Passenger cars are the mainstay of exports, while the growth rate of commercial vehicles is slowing down.

In 2023, passenger cars strengthened their main position in vehicle exports. In terms of vehicle types, the export volume of passenger cars far exceeded that of commercial vehicles, accounting for 84.2% of the total export volume of complete vehicles, an increase of 5 percentage points compared with 2022. Other passenger cars were the top export model, with a total of 1,505,400 vehicles exported, a year-on-year increase of 74.28%, accounting for 35.8% of the total passenger car exports; minibuses with nine seats or less ranked second, with a total of 1,309,900 vehicles exported, a year-on-year increase of 52.87%, accounting for 30.9% of the total passenger car exports. The export volume of the above two types of vehicles accounted for 66.7% of China's total vehicle exports.

2.2023, China's new energy vehicle exports 1,584,800 units, up 73.8% year-on-year;

the export value of 42.401 billion U.S. dollars, up 71.6% year-on-year; the penetration rate of the export volume and export value were 31.7% and 41.8% respectively. Among them, pure electric passenger car exports accounted for the largest proportion of 1,321,900 units, accounting for 83.4% of the total exports of new energy vehicles; the export value of $33.895 billion, accounting for 79.9% of the total exports of new energy vehicles. Plug-in hybrid vehicles exported 138,300 units, accounting for 8.7% of the total exports of new energy vehicles; the export value of $4.320 billion, accounting for 10.2% of the total exports of new energy vehicles.

Europe is the largest market for China's vehicle exports.

In 2023, Europe is the largest market for China's vehicle exports, with an export volume of 1,954,300 vehicles, accounting for nearly 40%; Asia (excluding other regions of China) is second after being overtaken by Europe, and China's exports to it amounted to 1,556,100 vehicles, accounting for more than 30%; the Latin American market is affected by the decline in purchasing power, and growth is sluggish, and the proportion of exports to it has dropped to less than 20%, accounting for only 18.0%. From the export growth rate, Europe is still in first place, China's vehicle exports to its exports and exports doubled, up 127.6% and 101.6% respectively.

From the specific countries, Russia for China's vehicle exports to the first big country, its exports of 908,800 vehicles, up 460.7%; exports of 19.070 billion U.S. dollars, an increase of 374.0%. Whether it is the export volume or export value, Russia's share is about 18%. From the point of view of export volume, Mexico ranked second, exporting 415,100 units, up 63.1% year-on-year, accounting for 8.3%; from the point of view of the export value, Belgium ranked second, with an export value of 6.089 billion U.S. dollars, up 9.1% year-on-year, accounting for 6.0%. It is worth mentioning that China's exports to Thailand, Spain, Uzbekistan, Brazil, Kazakhstan, Kyrgyzstan, and Canada grew faster, of which 92% of the vehicles exported to Thailand were pure electric passenger cars, and 67% of the vehicles exported to Spain were pure electric passenger cars.

(2) Pure electric passenger cars are mainly exported to the European and Middle East markets

In 2023, China's pure electric passenger car export destination market will still be dominated by the European and the Middle Eastern markets, supplemented by Thailand, Australia, and other key countries. Pure electric passenger car exports to the top 10 countries/regions, the export value of more than 100% growth in 5. 2023, pure electric passenger car exports accounted for 33.4% of the total exports of vehicles, 26.5% of the total exports, the direct pull degree of vehicle export growth of 0.23, and the contribution rate of vehicle export growth of 33.7%. From the monthly trend can be seen, that in 2023, the peak of pure electric passenger car export growth appeared in April, and the peak of single-month export appeared in October, which is basically consistent with the monthly distribution law of the whole vehicle export.

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