China's Auto Exports Rank First Globally in First Half of 2024, Surpassing Japan Again
TapTechNews August 6th news, according to the Nihon Keizai Shimbun report on August 1st, in the first half of this year, China's auto exports ranked first in the world.
According to the data of the China Association of Automobile Manufacturers, Chinese automakers exported 2.793 million vehicles overseas in the first half of this year, an increase of 31% year-on-year. The data released by the Japan Automobile Manufacturers Association on July 31st shows that in the first half of 2024, Japan's auto export volume slightly decreased compared to the same period of the previous year to 2.01 million. This means that after surpassing Japan to become the world's largest auto exporter for the whole year of 2023, in the first half of 2024, China's auto industry once again achieved a surpass over Japan. In 2023, China, with an auto export volume of 4.91 million vehicles, surpassed Japan for the first time to become the world's largest auto exporter, while the latter's auto export volume in the same period was 4.42 million vehicles.
According to the Japan Automobile Manufacturers Association, against the background of the depreciation of the yen, Japan's auto exports to markets such as North America increased, and passenger cars increased by 2% to 1,830,675 vehicles. While truck exports decreased by 17% to 141,371 vehicles. The overall export volume decreased by 0.3% to 2,017,660 vehicles, showing a situation of negative year-on-year growth in auto export volume in the first half of the year.
Specifically, the export growth rate of traditional fuel vehicles in China in the first half of this year was 36.2%, and the export volume in the first six months was 2.188 million vehicles. New energy vehicles increased by 13.2% year-on-year, which was significantly slower compared to the same period last year. In June this year, the export of new energy vehicles achieved year-on-year growth, but it decreased by 13.2% month-on-month to 86,000 vehicles.
From the perspective of export destinations, the top five regions of China's total vehicle exports in the first half of this year are Russia (478,500 vehicles), Mexico (226,400 vehicles), Brazil (171,100 vehicles), the United Arab Emirates (142,000 vehicles), and Belgium (138,900 vehicles), while the top five markets for new energy vehicle exports are Brazil, Belgium and the United Kingdom, Thailand, and the Philippines.
TapTechNews noticed that according to the data statistics of Cui Dongshu, the secretary-general of the China Passenger Car Association, from January to June 2024, China's automobiles achieved exports of 55.2 billion US dollars, with an export growth rate of 18.9%, and the average export price of automobiles was 19,000 US dollars, which is still basically the same as the same period, and there is still much room for improvement in product and brand value.