Auto industry exports to stabilize higher multiple factors superimposed
China Association of Automobile Manufacturers (CAAM) disclosed on July 20 the import and export situation of China's automobile products in the first half of 2021: In the first half of this year, the import and export amount of China's automobile products showed rapid growth. A few days ago, The State Council Information Office held a press conference and the General Administration of Customs announced the export status of some key commodities. Among them, the first half of this year, our country exports car and car chassis than the same period last year to grow more than twice.
It is not difficult to see from the relevant data that although China's domestic auto market has been on a downward trend since 2017 and the negative growth rate has been increasing, China's auto export market has shown a relatively strong performance since 2017, with a positive growth rate of 6% in both 2018 and 2019. Despite the impact of the epidemic, auto exports declined by 13% in 2020, but showed a trend of recovery at the end of the year.
In the first half of this year, China's imports and exports of auto products totaled $99.1 billion, up 61.3 percent year-on-year, according to the China Association of Automobile Manufacturers. Among them, the import of automobile products was US $48.32 billion, up 56.5% year on year; Exports of automobile products reached 50.78 billion US dollars, up 66.2 percent year on year. In the first half of this year, China imported 535,000 complete vehicles, up 48.3% year on year. The import of complete vehicles reached us $28.73 billion, up 67.9% year on year. During the same period, 939,000 vehicles were exported, up 1.1 times year on year; Exports amounted to us $14.69 billion, up 1.2 times year on year. In addition, in the first half of this year, the import of auto parts was 19.58 billion US dollars, up 42.2% year on year; Exports of auto parts reached us $36.09 billion, up 51.6% year on year.
Thanks to the recovery of the international market and the improvement of the competitiveness of Chinese brands, China's automobile exports reached a record high in June. In June, automobile enterprises exported 158,000 units, up 5.0% month-on-month and 1.5 times year-on-year. Among them, new energy vehicle exports contributed 11.1 percent. The export of passenger cars reached 120,000 units, up 3.7% from the previous month and 1.7 times year-on-year. The export of commercial vehicles reached 39,000 units, up 9.2% month-on-month and 1.1 times year-on-year.
Although the global auto industry is facing chip shortage, battery shortage and other supply chain crisis, but recently China's automobile export report is still bright. In an interview with China Trade News, an industry insider said that due to the gradual easing of the epidemic in relevant overseas markets, local people's demand for travel began to increase, and the auto market naturally ushered in a wave of Indian summer market. Under such circumstances, Chinese carmakers, which resumed production last year, are set to take the lead. The European Automobile Manufacturers Association had previously forecast a 10 percent increase in EU car sales this year after the coronavirus downturn.
In addition to the epidemic, the introduction of favorable policies in some countries is also an important reason. Your correspondent notes that the European Commission recently announced a blockbuster proposal to ban the sale of new petrol and diesel cars, including hybrids, from 2035. In addition, for the emission reduction issue, some EU countries have provided subsidies to the production and distribution of electric vehicles to varying degrees, which also led to the further amplification of the demand for cars, and ultimately promoted the growth of China's exports of cars and their parts to the EU. In addition, China's automobile industry has been early in the exploration of electric and intelligent vehicles, and has strong comparative advantages in the manufacturing industry. In particular, the collective listing of new car manufacturers and the continuous emergence of brand value have all promoted the export of Chinese automobiles. In this regard, some domestic manufacturers also admitted that the export of new energy vehicles will be expected to become an important breakthrough for China's auto industry to go out, and there is still a large space for development of China's auto export in the future.
With the new situation, the China Automobile Association has recently released the latest revised forecast of China's automobile market in 2021. According to the change of automobile production and sales situation in the first half of the year, as well as the forecast for the second half of the year, the annual automobile sales are expected to reach 27 million units, with a year-on-year growth of 6.7%. Among them, sales of new energy vehicles are expected to reach 2.4 million, up 76 percent year on year.
It is not difficult to see that the automobile industry is in the biggest change in the past hundred years. The three factors driving the transformation of automobile industry technology to electric, connected, intelligent and lightweight are noteworthy. First, industrial policy, including environmental protection policy, technology upgrading policy, energy saving policy, etc. Second, consumption upgrading. For example, in the field of mobile transportation, consumers can not only buy cars, but also buy services. This is a new consumption mode and technological innovation. The third factor is technology, whether chip or spare parts, need more and more research and development.
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