China exported 5.22 million cars, worth 101.6 billion USD, in 2023, ranking first in the world.

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According to data from China Customs, China’s automobile (including chassis) exports will exceed 5.22 million units in 2023. Export volume exceeded 101.6 billion USD, and export volume and value broke historical records. From a market perspective, Chinese brand cars have been exported to more than 200 countries and regions worldwide.

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Car exports make significant contributions to China’s economy

They considered that China’s total exports in 2023 will be USD 3.38 trillion, a decrease of 4.6%. The increase in automobile exports directly contributed to 1.2% of China’s exports.

As background, in 2023, China’s automobile production and sales will exceed 30 million units, setting historical records.

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According to customs data compiled by CPCA, China ranks first in the world in both quantity and value of automobile exports. Specifically, China’s automobile exports were 5.22 million units from January to December 2023, with an export growth rate of 57%. Japanese car exports from January to November were 3.99 million vehicles, a year-on-year increase of 15%. The annual export volume in 2023 is expected to be approximately 4.3 million vehicles. In 2023, China’s automobile exports will exceed second-place Japan’s by nearly 1 million.

Regarding export volume, China’s automobile exports from January to December 2023 were 101.6 billion USD, with an export growth rate of 69%. China’s automobile exports also surpassed Japan’s automobile exports.

Exports of complete vehicles are much higher than exports of auto parts

In addition, China’s auto parts exports reached 87.7 billion USD from January to December, totaling 189.3 billion USD for complete vehicles and parts.

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China’s automobile supply chain is complete, and costs are lower, which is one of the essential reasons for the increase in China’s automobile exports. Especially when the world’s automobile core shortage begins in 2021, the supply chain of Chinese automobile companies is relatively stable, ensuring stable production, little change in costs, and enhancing international competitiveness. This is reflected in the surge in China’s exports to Australia, Europe, and Southeast Asia. These regions are the main export sales areas of traditional international car companies.

In 2023, China’s ICE exports are expected to be around 3.52 million units, an increase of 54%; EV exports are expected to be 1.7 million units, an increase of 57%. China’s exports of new energy vehicles were strong in the first three quarters, but exports slowed slightly in the fourth quarter. This was mainly related to Europe’s anti-subsidy investigation of Chinese EVs. Among the EVs exported by China in 2023, Pure EVs will account for 90%, and PHEVs will account for 10%.

Major export companies

In terms of export companies, the top 10 companies are Chery Automobile with 922,830 vehicles, SAIC Passenger Cars with 685,018 vehicles, Tesla China with 344,078 cars, Geely Automobile with 274,101 cars, Great Wall Motors with 267,756 vehicles, BYD Automobile with 242,765 vehicles, Changan Automobile with 191,917 cars, and SAIC General Motors. Wuling has 184,935 vehicles, SAIC-GM has 100,006 vehicles, and Jiangsu Yueda Kia has 86,899 cars.

BYD’s car export ship

Main export areas

Comparing some data on China’s automobile exports overseas in 2023, although exports from South America and Africa in the southern hemisphere have declined, exports from developed countries have increased, especially exports from Mexico, Australia, the United Kingdom, and Israel have increased significantly.

China’s overall exports to Russia and the former CIS will proliferate in 2023, accounting for 42% and 59% of China’s auto export increase that year, respectively. In 2023, it is estimated that China’s automobile exports to the CIS countries will be approximately 1.35 million vehicles, an increase of 412%; the export value will be 25.6 billion USD, an increase of 327%, of which 950,000 cars will be exported to Russia, a rise of 481%; the export value will be 19.7 billion USD, an increase of 388%.

Source: Dongshu Cui of CPCA

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2 COMMENTS

  1. Not quite, might want to update this, China was number 2 last year. Japan exported ~700,000 more vehicles than China did in 2023.

    https://www.cnbc.com/2024/01/31/china-comes-just-shy-of-japan-as-the-worlds-largest-car-exporter.html

    “BEIJING — China failed to replace Japan as the world’s largest exporter of cars in 2023, despite coming close to doing so, data released this month showed.

    Japanese customs data showed the country exported 5.97 million vehicles last year, more than the 5.22 million vehicle exports that China customs data reported.”

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