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China's auto exports face adversity

By Shangguan Zhoudong (chinadaily.com.cn)
Updated: 2008-10-23 15:54

Chinese car maker Chery Automobile's QQ model on display during an expo in May 2008. [Asianewsphoto]

China's auto exports, which have advanced triumphantly in recent years, are now decelerating in the midst of the widespread financial crisis, automakers and industry analysts agree.

China's auto export numbers are discouraging, with 44,400 units sold to the overseas markets in August, a decline of 22.18 percent month-on-month and 11.29 percent year-on-year, according to the latest statistics from the China Association of Automobile Manufacturers.

"Problems in the global economy is the biggest crisis hitting China exports of finished vehicles," said Cui Dongshu, deputy secretary-general of the National Passenger Car Information Exchange Association.

Cui also said the sharp fall in China auto exports in August was mainly due to the spread of the US financial crunch. Vietnam, China's largest commercial vehicle export market that accounts for 18 percent of China's total commercial vehicle exports, sank into crisis a few months ago, resulting in a nose dive of Chinese exports.

China exported only 859 vehicles to Vietnam, a sharp decrease of 73 percent year on year, industry figures show.

Foreign exchange variations, and a rise in raw material prices have brought heavy pressure to bear on auto exports, also affected by low overseas consumption caused by the crisis and retrenched credit, according to Ye Lin, auto analyst at Cazenove Asia.

Ye added some other countries, including Russia, raised their trade thresholds and obstructed Chinese auto exports.

Ukraine, an emerging export markets for Chinese passenger cars, bought a total of 55,000 vehicles from Chinese automakers in the first eight months of this year, up 103 percent year on year. But the August number was only 3,814 units, a month-on-month and year-on-year fall of about 50 percent.

An executive from Great Wall Motor, a major Chinese auto exporter, said its exports have fallen abruptly in the recent two months, because its major export markets like Middle and South America have been affected by the financial unrest.

The Hebei-based automaker is preparing to rectify this year's export target to 60,000 units from 70,000. In addition, the automaker has also slowed down its expansion abroad as it is anxious about bad debts.

Another ambitious Chinese exporter, Chery Auto, said it was difficult to realize this year's export target on account of bad performance in the Russian market, said assistant general manager Jin Yibo.