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China's Truck Exports Grew by 30% YOY to 63490 Units in January-February

Date:2022-04-13 Author:Daisy Source:www.chinatrucks.com

In February, 2022, China exported around 27585 various kinds of trucks according to customs data. While in the first two months, its combined export volume reached 63490 units, an increase of more than 30 percent year-on-year, which is much better when compared to the overall truck market that saw a 22.7 percent year-over-year drop.

What features does the export market have?

Based on the customs data, significant changes have taken place in China’s truck export in recent years as below.ChinaThe YOY export growth in February, 2022 went far beyond the overall market, becoming a backbone for curbing the overall market downturn.As seen from the table above, China’s truck exports for the first two months reached 63490 units with a year-on-year growth of 32 percent, the second highest over the past five years. This situation is rather favorable for truck exports.

Comparasion between truck export market and overall truck market in February, 2022ChinaFrom the table above, it can be seen that the truck export market grew by 32% year-on-year from January to February 2022, far beyond the overall truck market which went down by 22.7 percent, becoming the main force to curb the current decline in the overall truck market.

What are the main reasons behind its outperformance? Let's see

As the number of confirmed COVID 19 cases continued to move down in some countries, logistics sector and infrastructure construction had gradually reaumed work, resulting in an increase in demand for trucks.

一. China's truck products are favored by the customers in the countries of South America such as Chile and Mexico, Vietnam in Asia and Australia mainly for their relatively mature technology and high cost performance, especially light trucks.

二. The rise in the first two months this year was influenced by robust overseas demand and the low comparative base from the prior year.

三. Among the segments exported, light-duty truck accounted for up to 70 percent of the total volume, followed by heavy-duty truck and medium-size truck.

Quantity and proportion of each segment by tons in February, 2022China

1. Vehicles with weight less than or equal to 5 tons accounted for the largest share of 71.57 percent. This indicated that the global demand for light-duty trucks is increasing because they are mostly used in logistics and delivery sectors.

2. Heavy-duty trucks (including vehicles weighing 14 tons or more) ranked the second with a market share of 15.31 percent, with the majority of the vehicles operating as long-haul road freight trucks or express trucks.

3. Medium trucks(vehicles weighing less than or equal to 14 tons greater than 5 tons)came to the third place, representing 9.72 percent of the exported vehicles. Most of them were used as special-purpose vehicles for logistics and sanitation vehicles.

4. Others mainly referred to special vehicles, which got the least share of 2.73 percent.

四. Among the countries to which China trucks were exported, Chile, Vietnam and Mexico were in the top three.

Quantity, proportion and market share of TOP10 exporting countriesChina

In January to February 2022, the top ten countries and regions to which Chinese trucks were exported included:

The largest number of Chinese brand trucks has been exported to Chile, in Latin America. It is also the only country that has more than 10000 units imported with a market share of 19.33%. This contributes significantly to the overall export growth in the first two months of 2022.

It is followed by Vietnam, which imported 4691 trucks from China in the first two months, with an increase of 13% year-on-year and market share of 7.39%, and it is also one of the top exporters of China trucks in Asia.

The third highest export destination country is Mexico, with an export volume of 4617 units and the highest increase of 394% year-on-year.

Australia has the fourth-largest number, with an export volume of 3652 units, representing a year-on-year increase of 15% and a market share of 5.75%.

The Philippines has the fifth-largest number, with an export volume of 3244 units, up 26% year-on-year, and a market share of 5.11%. The country is also the second largest export destination country for China trucks in Asia.

Saudi Arabia comes to the sixth place, to which 2958 China trucks were imported, with a 71% jump year-on-year and a market share of 4.66%.

Ecuador ranked in the seventh place with a market share of 4.23%, to which 2685 China trucks were imported, up 42% year-on-year.

The eighth place went to Russia, to which 2236 China trucks were imported, with 271% increase year-on-year and a market share of 3.35%.

Peru ranked in the ninth place and imported 2036 trucks from China, up 16% year-on-year and accounting for 3.22% of the total market share.

Colombia ranked in the tenth place and imported 1990 units from China, up 19% year-on-year and accounting for 3.08% of the total.

Overall, nine out of the TOP10 export destination countries have registered a year-on-year growth, with Chile seeing a decline. The TOP10 export destination countries together accounted for a market share of 64%. Hence, China trucks are mainly exported to underdeveloped countries and regions. While in the developed European countries, China trucks still do not have a competitive advantage.

五. The "Belt and Road" countries are the main destination for China trucks exports

The above chart shows that in the past seven years, countries along the proposed Belt and Road routes are the main markets for China's truck exports, and its proportion is increasing year by year, reaching 61.8% in the first two month, 2022. 

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