Statistics show that in November, a total of 53,000 trucks were exported from China, marking an annual increase of 42%. In Jan.-Nov. period, exports of China trucks reached a total of 467,000 units, up 23% year on year. It can thus be seen that China truck export market has been doing good both in November 2022 and in the January-November period.

What are the important features of Chinese truck export market in November and the first 11 months of 2022?

Form 1: Comparison between Overall Market and Export Market in Nov. and the First 11 Months, 2022

一. From this table above, we can see that the cumulative exports of trucks in November 2022 reached 53,000 units, an increase of 42% year-on-year, which is nearly 67.61% higher than the 25% decline in the overall truck market. In Jan.-Nov. period, exports of China trucks reached a total of 467,000 units, up 23% year on year, 56.3% higher than the -33.3% growth of the overall truck market.

二.  In view of market performance of truck exports in recent ten years, Chinese trucks experienced its second highest export growth on record in Novermber, 2022.

Form 2: China’s Truck Exports in the First 11 months of 2022 and Previous Years

Seen from the table above, Chinese truck exports saw its second best export growth on record in November this year since 2013.

(一). As the pandemic situation improves in major exporting countries of Latin America and Asia , demand for trucks returns to normality gradually and pent-up demand is thus unleashed.

(二). Domestic truck sales in China have declined due to the impact of pandemic, so most truck manufacturers have shifted their focus to overseas markets.

(三)P. A relatively large number of China trucks have been exported to Mexico, Russia，Australia, Vietnam and Saudi Arabia in 2022, which was the driving force behind export growth.

三. Light trucks accounts for the largest share of truck exports in terms of tons.

Form 3: Share of Each Segment in Export in November and January-November 2022.

---Light truck exports accounted for 54% and 66% of the truck export market in November and from January to November, which is the segment with the largest export market share. This indicated that the global demand for light-duty trucks is increasing because they are mostly used in logistics and delivery sectors.

---Heavy trucks accounted for 16% and 17.0% of the overall truck exports in November and from January to November this year respectively.

---The third largest export share went for tractor head, which accounted for 15% and 9% of exports in November and from January to November this year respectively.

Others mainly went to medium truck and others, which got the least share of 5% and 9% in November and from January to November respectively.

In short, light truck exports accounted for the largest share of the total both in November this year and from January to November, which is the main segment of China's truck exports.

四. Diesel-powered vehicles still dominate the overseas truck market

Form 4: Export and Year-on-Year Growth by Power

In November and January-November 2022, diesel-powered vehicles still dominate the overseas truck market, representing around 70% of the market share. This was followed by gasoline-powered trucks, which accounted for 19.4% percent and 26.3% of exports respectively in November and January-November period. And then further down the list are new energy trucks, which accounted for 9.4% and 5.16% of the total exports.

Another point worth mentioning is that new energy trucks achieved significant growth both in November and from January to November (2093% YoY growth in November and 473% YoY Growth in Jan.-Nov.). It may become a new growth point with great market potential in the future.

五. Russia win the championship in November and Jan.-Nov. 2022

1、In November, Russia was the top exporting country, with Mexico and Australia in second and third place respectively.

Form 5

Top Ten Exporting Destination Countries in November 2022

1. As can be seen from this table, the top three countries at the top of the ranking, including Russia, Mexico and Australia, grew by 745%, 158% and 502% respectively to 6226, 4781 and 4349 units, representing a market share of 11.74%, 9.02% and 8.2%. Nine out of the top 10 countries saw a positive growth and one declined year-on-year, with Russia seeing the largest increase (745% YoY). In total, the TOP 10 accounted for 55.23% of the exports.

2. In Jan.-Nov. period, Russia topped the list, followed by Chile and Mexico in second and third place. Seven out of the top ten players saw a positive growth and two declined year-on-year, with Russia seeing the largest increase. In terms of market share, six out the top ten players increased, while four declined, with Russia registering the largest increase and Vietnam experiencing the least drop.