FX.co ★ China pumps up its car exports to US

According to the US Census Bureau, Chinese car exports to the US reached $2.89 billion from January to October 2024. These are record-breaking figures! Experts foresee a bright future for China’s automotive industry.

In the first ten months of this year, car shipments from China to the US set a new historical record, reaching $2.89 billion. This figure soared 1.5 times from a year ago. Experts consider this the highest result in the history of statistical surveys, which began in 1992.

In October 2024, China’s car manufacturing enterprises exported cars overseas worth $398.6 million. This represents a 1.4-fold increase in export value for the month.

The highest demand in the US was for cars with engine capacities between 1.5 and 3 liters, with total exports in this category amounting to $1.45 billion from January to October. Other popular categories included golf carts, snowmobiles, and similar vehicles, totaling $839.3 million. Hybrid car exports from China to the US during the reporting period stood at $371.2 million.

The US Census Bureau also reported a surge in exports of vehicles designed to carry ten or more passengers, including electric buses, from January to October. This category logged a nearly tenfold growth, with a total value of $26 million. Exports of Chinese tractors to the US doubled, reaching $42 million.

Earlier, US President-elect Donald Trump announced his intention to impose import tariffs on overseas products entering the country. From his viewpoint, the proposed tariffs will range from 10% to 20%, depending on the customs value. He specifically promised to impose tariffs of up to 60% on goods from China to protect American manufacturers "from the flood of Chinese products." These measures will also apply to Chinese-made vehicles.