China's Truck Exports Grew by 54% YOY to 48700 Units in July
Data released by Chinese customs shows that sales of various types of trucks abroad in July went up 54%, reaching 48700 units. While In the first seven months of 2022, its combined export volume reached 269,400 units, an increase of 33% year on year, which is much better when compared to the overall truck market that suffered a 40.1% year-on-year drop.
In the first seven months, a total of 47,300 heavy-duty trucks were exported, up 21 percent year on year, some 83.06 percentage points higher than the -62.06% growth rate of the heavy truck industry.
Medium truck exports in the first seven months reached 28,800 units, up 26% year-on-year, outpacing the -46.85% growth rate of medium truck industry by nearly 72.85 percentage points.
Light truck exports went up by 34% year-on-year to 185,200 units, nearly 61.26 percentage points higher than the -27.26% growth rate of the light truck industry.
In summary, both in July and from January to July this year, exports of heavy, medium and light trucks all increased significantly year-on-year, far better than the corresponding parts in the overall market. The main reasons are:
1. Trucks are experiencing a serious contraction in demand due to market overdraft as a result of previous policy stimuli such as upgrade to EU VI emission level.
2. At present there is enough supply of trucks on the market, while the goods available for hauling are particularly few, coupled with lower transport prices, so truckers show little enthusiasm for purchase vehicles.
3. The domestic logistics and transportation industry is not as boom as before due to the severe impact of the economic downturn and the impact of the epidemic.
4. As the epidemic situation improved in some overseas countries, their logistics, transportation and engineering construction gradually returned to normal, leading to an increase in demand for trucks.
5. Chinese trucks are inexpensive and attractive to some countries that do not have strong economic purchasing power.
6. With the overseas marketing channels further expanding, Chinese trucks’ ability to resist risks has increased.
As we can see from the table above, a total of 48,700 trucks were exported in July 2022, the highest in the past five years for the same period. The year-on-year increase reached 54%, the third highest for the same period in the past five years.
From January to July 2022, the cumulative exports of trucks amounted to 269,400 units, also the highest export volume in the same period in recent years. The cumulative growth reached 33% year-on-year, the second highest increase in recent years for the same period.
All in all, both the number of truck exported in July and January-July this year are at a record high for the same period in recent years.
Light truck exports accounted for 70.43% and 68.75% of the truck export market in July and from January to July,which is the segment with the largest export market share. This indicated that the global demand for light-duty trucks is increasing because they are mostly used in logistics and delivery sectors.Heavy trucks accounted for 17.25% and 17.56% of the overall truck exports in July and January-July this year respectively. Most of the models are 6X4 tractors, which are used in the medium and long-distance road freight and medium and high-end logistics express markets.
The third largest export share went for medium trucks, which accounted for 9.65% and 10.69% of exports in July and January-July this year respectively. Most of them were 4X2 models and used as special-purpose vehicles for refrigeration, hazardous chemical transport and sanitation purposes.
Others mainly went to special vehicles, which got the least share of 2.46% and 3% in July and from January to July respectively.
In short, light truck exports accounted for about 70% of the total both in July this year and from January to July, which is the main segment of China's truck exports.
In July and January-July 2022, diesel-powered vehicles still dominate the overseas truck market, representing more than two-thirds of the market share (70.11% and 67.5% in July and January-July respectively). This was followed by gasoline-powered trucks, which accounted for 27.26% percent and 29.45% of exports respectively in July and January-July period. And then further down the list are electric trucks, which accounted for 1.975% and 1.90% of the total exports. Plug-in hybrid trucks have the lowest number of exports, at 67 and 190 units in July and January-July period, representing a negligible 0.138% and 0.071%.Another point worth mentioning is that pure electric models achieved net growth both in July and from January to July. It may become a new growth point with great market potential in the future.
Chile is the country with the largest number of Chinese branded trucks among the TOP 10 exporting countries. The second and third positions go to Vietnam and Mexico.
As can be seen from this table, the top three countries at the top of the ranking, including Chile, Vietnam and Mexico, grew by 124%, 93% and 105% respectively to 7,176, 4,294 and 3,646 units, representing a market share of 14.75%, 8.82% and 7.49%. Nine out of the top 10 countries saw a positive growth and one declined year-on-year, with Russia seeing the largest increase(348%).
Chile is the country with the largest number of Chinese branded trucks among the TOP 10 exporting countries. In the first seven months of 2022, the number of trucks exported to Chile reached 45000 units, up 59% year-on-year, with a market share of 16.65%. This is something China trucks rely on for a significant increase in Jan.-July, 2022.
The second highest export destination country is Vietnam, to which China exported 28450 units, up 31% year-on-year, with a market share of 10.56% in January to July 2022.
Mexico has the third-largest number, with an export volume of 19634 units, representing a year-on-year increase of 347% and a market share of 7.24%.
Australia has the fourth-largest number, with an export volume of 12823 units, representing a market share of 4.76% and down 12% YOY.
Russia comes to the fifth place, to which 12437 China trucks were exported, with a market share of 4.62% and a 240% jump year-on-year, the second largest year-on-year export growth among TOP 10.
Colombia has the sixth-largest number, with an export volume of 11570 units, up 95% year-on-year, and a market share of 4.29%.
The seventh place went to Ecuador, to which 11039 China trucks were exported, with a 65% increase year-on-year and a market share of 4.1%.
The eighth to tenth places all account for less than 4% of exports.
Overall, Most of the TOP10 export destination countries have registered a year-on-year growth, with Mexico seeing the fastest growth and Australia seeing the largest decline. The TOP10 export destination countries together accounted for a market share of 63.12%.
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C&C Trucks Co., Ltd.
C&C Trucks Co , Ltd (C&C Trucks), located in Sanshan Economic Development Zone, Wuhu, Anhui Province, a holding company under China International Marine Containers (Group) Co , Ltd (CIMC), is a large heavy truck enterprise integrating the research and development, production
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