China exported 335,000 trucks, and the overseas market is flourishing

According to data from the China Automobile Dealers Association, from January to June 2023, China exported a cumulative total of 334,591 trucks, a year-on-year increase of 33%, reaching a new high for the same period in recent years. At the same time, the 33% growth rate significantly outpaced the 5% year-on-year growth in the domestic truck market from January to June.

According to statistics, Chinese medium and heavy-duty truck brands currently operate over 60 assembly plants overseas, directly supporting the expansion of domestic truck manufacturers' export business. Moreover, there has been a shift in the overseas development model, transitioning from trade and partial KD (knock-down) models to direct investment models. This allows vehicles to be directly produced in the invested factories, implementing localized marketing strategies and boosting the export quantity of trucks.

The Russian market is experiencing a robust economic recovery, with a 1.5% growth in GDP in the first half of the year. Russia has traditionally been one of the major export destinations for Chinese trucks. With the current economic recovery and high demand for vehicles, it has made a significant contribution to the Chinese truck export market, accounting for almost over 20% of the total. Specific data will be mentioned in the following text.

Chinese trucks offer high cost performance, providing a cost-effective advantage compared to models from European brands. This advantage caters to the market demand in developing countries along the "Belt and Road" initiative. Additionally, these countries are in an economic upswing, leading to increased demand for trucks, with fewer import restrictions.

According to data from the General Administration of Customs of China, the top ten countries for Chinese truck exports in the first half of 2023 are as follows:
1. Russia, exporting 69,244 units.
2. Mexico, exporting 30,597 units.
3. Chile, exporting 13,902 units.
4. Australia, exporting 13,518 units.
5. Vietnam, exporting 13,446 units.
6. Saudi Arabia, exporting 9,520 units.
7. Philippines, exporting 9,369 units.
8. Uzbekistan, exporting 8,555 units.
9. Ecuador, exporting 7,721 units.
10. Peru, exporting 7,519 units.