CHINA'S CAR EXPORTS HIT RECORD HIGH IN APRIL, AS DOMESTIC SALES FALL

In April, China's car exports surged to a record high, according to data released on Friday. This increase occurred alongside a 5.8% decline in domestic sales compared to the previous year. The drop in domestic sales is attributed to intensified price competition and consumer caution amid a tentative economic recovery. The China Passenger Car Association (CPCA) reported a remarkable 38% year-on-year increase in car exports, totaling 417,000 units for April. This growth builds on the momentum observed in the previous month, which saw a 39% increase in exports.

Despite challenges such as an ongoing anti-subsidy investigation by the EU affecting exports to European markets, China has been actively diversifying its export destinations. Cui Dongshu, secretary general of the association, highlighted China's efforts to explore markets in South America, Australia, and ASEAN countries as alternatives for vehicle exports.

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