The Chinese automobile industry grew by 60 percent in Q1, outperforming Japan to become the top auto exporter. Read to know more.
China is now the top auto exporter in the world
As per the recent report by the General Administration of Customs, automotive exports by China increased by 58 percent. China exported more than 1.1 million automobiles from January to March. While Japan exported 954,000 units at the same time. As per a Yicai Global report, the surplus will persist as China’s exports may increase by around 30 percent as per China Passenger Auto Association.
China’s growth in the sector has been evident for some time. Last year, China exported 3.1 million automobiles surpassing Germany to become the second-largest auto exporter in the world. According to Shi Jianhua, if the percentage grows by 20 percent from 18 percent in the first quarter, China will be on its way to further growth. Jianhua is the deputy secretary-general of the China Association of Automobile Manufacturers.
More on the recent behind the boom
China’s auto exports have been rising as supplies are less affected by battery and chip shortages. Experts believe that as the market competition heats up, local automakers may look into enhancing their profits and sales by exporting their goods. “China-made vehicles have become more competitive on a global level, owing to tough quality control, sophisticated industrial chain, and advanced maintenance services,” stated Xu Haidong. Haidong is the deputy general engineer of the China Association of Automobile Manufacturers (CAAM). CAAM figures reveal a threefold rise in the country’s car exports last year.
