According to customs data from the China Automobile Dealers Association, China exported close to 65,000 trucks in May 2024, marking a 7% year-on-year increase (see screenshot 1). This growth rate decreased by almost 7 percentage points compared to April 2024. From January to May 2024, China's total truck exports reached approximately 289,000 units, showing a cumulative year-on-year increase of 6%, which is largely consistent with the growth rate observed from January to May of this year.

What were the main characteristics of China's truck export market in May 2024? Let's summarize and analyze them briefly.

Outperforming the Truck Market

Table 1: Comparison of Truck Export Market and Truck Industry Performance in May 2024 and January-May 2024 (Data Source: Customs and CADA)

The table indicates that in May 2024, China exported 65,000 trucks, marking a 7% year-on-year increase. This growth rate outpaced the overall truck market's growth rate of 1.68% in May 2024 by nearly 5.3 percentage points, making it a significant driver of growth in China's truck market for that month.

Additionally, from January to May 2024, China's cumulative truck exports reached approximately 289,000 units, showing a 6% year-on-year increase. This performance exceeded the overall truck market's growth rate of 5.47% from January to May 2024 by almost 0.53 percentage points.

二、Light trucks dominate the market, while medium trucks lead in year-on-year growth.

Table 2: Export Quantities and Proportions of Truck Segments in May and January-May 2024 Based on CADA Customs Data

The table illustrates the export quantities and proportions of various truck segments categorized by vehicle total weight:

1. May: The export of light trucks totaled 29,000 units, marking a 6% year-on-year increase and commanding a market share of 44.6%. Light trucks dominate the truck export market, representing the largest share among truck sub-models. This dominance underscores their popularity in overseas markets, driven primarily by their suitability for urban logistics, distribution, and short to medium-distance freight transport, which see high demand abroad.

Following that, tractor exports reached 15,000 units, showing an 11% year-on-year increase, outperforming the overall truck export market. Tractors accounted for 23.1% market share of total exports, ranking second in the segment.

Heavy-duty trucks ranked third with 14,000 units exported, showing a notable 23% year-on-year growth rate, surpassing the truck export market, and holding a market share of 21.5%.

Medium trucks, with exports totaling 6,000 units, achieved the highest year-on-year growth rate of 46% among all truck categories. They led the truck export market with a 9.2% market share, securing the fourth position.

Exports of other truck categories, amounting to 1,000 units, saw a 50% year-on-year decline, lagging behind in the truck export market with the smallest market share of 1.5%.

2. January-May 2024:

Light Trucks: Light trucks recorded cumulative exports of 146,000 units in January-May 2024, marking a 5.9% year-on-year increase. They held a dominant market share of 50.5% in the truck export sector. Overseas preference for light trucks is driven by their extensive application in urban logistics, distribution, and short to medium-haul freight transport sectors, where they enjoy high demand and are highly favored in international markets.

Tractors: The cumulative export reached 59,000 units, marking a 12% year-on-year increase, surpassing the overall truck export market with a 20.4% market share, securing the second position.

Heavy Trucks: Cumulative exports reached 56,000 units, marking a 3% year-on-year increase. They falled slightly behind the overall truck export market with a market share of 19.4%, securing the third position.

Medium Trucks: Cumulative exports stood at 20,000 units, marking a 24% year-on-year increase, leading and driving growth in the truck export market with a 6.9% market share, ranking fourth.

Medium Trucks: Cumulative exports reached 20,000 units, showing a 24% year-on-year increase. They led the growth in the truck export market with a market share of 6.9%, placing fourth.

Other Truck Categories: Cumulative exports totaled 8,000 units, experiencing a 50% year-on-year decrease, holding the smallest market share in the truck export market at 2.8%.

Overall, during both May 2024 and the January-May period, light trucks continued to hold a dominant position in the truck export market, with medium trucks leading in growth.

Diesel’s share exceeds 70%, maintaining its lead.; Pure Electric Vehicles See Sharp Decline Year-on-Year

Table 3: Export Statistics of Commercial Trucks by Powertrain Type, May 2024 and January-May

The table shows the export volumes and percentage shares of different truck types classified by their powertrain fuel types.

Diesel-powered truck exports reached 48,243 units, marking an 8% year-on-year increase, outperforming the market with a dominant market share of over 70% (73.73%).

Following closely were gasoline-powered trucks, mainly light-duty, exporting 13,640 units, which represented a 6% year-on-year increase, on par with the market, and securing a market share of 20.85%, ranking second.

Pure electric trucks followed with 1,526 units exported, experiencing a drastic 46% decline year-on-year, lagging behind the market and holding a market share of 2.33%, placing third.

In fourth place were plug-in hybrid trucks, with exports totaling 782 units, experiencing a remarkable 8589% year-on-year increase, leading the surge in the truck market and capturing a 1.2% market share (excluding unspecified vehicle types).

2. In the period from January to May 2024:

Cumulative exports of trucks powered by diesel reached 206,441 units, showing a 6% year-on-year increase, aligning with market trends and holding a dominant market share of over 70% (71.36%).

Following closely were gasoline-powered trucks, primarily light-duty, with cumulative exports totaling 67,528 units, showing a robust 25% increase compared to the previous year, outperforming the market. They secured a market share of 23.34%, ranking second.

Pure electric trucks totaled 8,833 units in cumulative exports, experiencing a significant 50% decline year-on-year, falling behind the market trend. They held a market share of 3.05%, ranking third.

Plug-in hybrid trucks recorded cumulative exports of 1,188 units, surging by 793% year-on-year, driving the growth in the truck market. They held a market share of 0.41%, ranking fourth (excluding unspecified vehicle types).

Overall, whether in May or cumulatively from January to May 2024, diesel-powered trucks maintained an absolute dominance in the export market for various types of powertrain trucks. Meanwhile, pure electric models saw a drastic decline, contributing to the downturn in export market for trucks.

四：According to customs data from the China Automobile Dealers Association, in May 2024, Russian was the primary destination for Chinese truck exports, followed by Mexico and Vietnam in second and third place, respectively. Among the top 10 export destinations, there were 6 increases and 4 decreases compared to the previous period, with Vietnam showing the strongest growth.

In Table 4, which details truck exports and their market shares in May 2024:

China exported 13,556 trucks to Russia, leading with a market share of 20.72%, despite a 1% year-on-year decline.

Mexico imported 7,786 trucks, marking a 28% year-on-year increase, securing an 11.9% market share and ranking second.

Vietnam received 4,246 trucks, demonstrating an impressive 81% year-on-year increase, capturing a 6.49% market share and ranking third.

Saudi Arabia imported 2,741 trucks, growing by 79% year-on-year, with a 4.19% market share and ranking fourth.

Chile imported 2,257 trucks, showing a 5% year-on-year increase, holding a 3.45% market share and ranking fifth.

Other export destinations imported fewer than 2,000 trucks each, with market shares below 3%.

Overall, among the top 10 export destinations, there were 6 increases and 4 decreases compared to the previous period, with Vietnam leading the growth with an 81% increase.

According to customs data, Table 5 presents statistics on truck exports and their market shares for the top 10 countries from January to May 2024:

During this period, truck exports to the top 10 countries showed the following characteristics:

Russia led with the highest export volume, exceeding 40,000 units despite a 22% year-on-year decline. It held a market share of 15.14%, securing the top spot.

Mexico followed with a cumulative export of 35,792 units, marking a 44% increase year-on-year and capturing a market share of 12.38%.

Vietnam ranked third with a cumulative export of 14,674 units, showing a 39% increase year-on-year and holding a market share of 5.08%.

Saudi Arabia ranked fourth with a cumulative export of 14,622 units, growing by 77% year-on-year and securing a market share of 5.06%.

Chile ranked fifth with a cumulative export of 11,241 units, despite a 1% year-on-year decrease, holding a market share of 3.89%.

Cumulative exports to countries ranked from fifth to tenth were all below 10,000 units each, with market shares below 3%.

Overall, among the top 10 countries, there were 6 increases and 4 decreases in cumulative export volumes compared to the previous period. Algeria experienced the most significant growth, with a remarkable increase of 2361%.

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