China surpasses Japan to be world's top auto exporter

China has overtaken Japan as the world's largest exporter of automobiles for the first time, as the former's total vehicle exports in the first half of 2023 experienced a remarkable 76.9 percent increase compared to the same period last year, according to the data released by the China Association of Automobile Manufacturers (CAAM) on Thursday.

China's total vehicle export volume reached 2.341 million units during the January-June period, marking a significant year-on-year increase of 76.9 percent. In contrast, Japan's vehicle export volume for the same period stood at 2.02 million units, reflecting a year-on-year increase of 17 percent, as reported by the Japan Automobile Manufacturers Association.

This development signifies that China surpassed Japan in semi-annual vehicle export volume for the first time. Building upon its previous accomplishment of surpassing Japan in the previous quarter, China continues to hold the title as the world's largest exporter of automobiles.

In addition to the increase in quantity, the structure of China's automobile exports is also undergoing changes. Customs statistics reveal that China's vehicle export volume registered a 74.1-percent increase in the first seven months of this year compared to the same period last year, while the export value experienced a notable surge of 118.5 percent, indicating a rising trend in the added value of exports.