China's Vehicle Exports Surge in Q1 2024, Led by Russia
China's vehicle exports surged in the first quarter of 2024, with Russia, Mexico, Belgium, and the UK as the top markets. This follows a 33% increase compared to the same period last year.
In January and February 2024, Russia, Mexico, Belgium, and the UK were the main destinations for Chinese vehicles. This growth is notable, as Asia remains the largest market for Chinese car exports, with over 40% of vehicles staying within the region. Europe, however, is the second-largest market.
Last year, Russia was the primary recipient, with 909,000 vehicles exported, making up a significant 90.9% share. To facilitate this, an increasing number of vehicles are being transported to Russia by rail.
China's vehicle exports have seen a substantial increase in the first quarter of 2024, with Russia leading the way. This growth in exports, particularly to Europe, signals a strong global demand for Chinese vehicles.
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