Auto parts exports have increased 50 times in 20 years

The Korea Import and Export Association’s export and import data released on March 26, 2013 showed that in the past 20 years, China’s auto parts exports have increased by about 50 times.

Last year, the total value of China's domestic auto parts exports reached 24.6 billion U.S. dollars, and the trade surplus reached 19.7 billion U.S. dollars, the highest value for three consecutive years. Ten years ago in 1992, China’s auto parts exports were only US$500 million.

In 2012, the total value of China's auto parts exports was higher than that of the whole year of 2011 (23.9 billion US dollars), and the surplus of trade current account also exceeded the total amount of grain and fruit imports from 2008 to 2012 (19.4 billion US dollars).

Before the 1990s, although the export of domestic auto parts continued to increase, the growth rate was lower than the growth rate of auto exports. China's total vehicle exports increased from 23 million U.S. dollars in 1977 to 2.848 billion U.S. dollars in 1992, an increase of approximately 120 times.

During the same period, exports of auto parts increased from US$11 million to US$508 million, an increase of 46 times. After entering the 90s of last century, the growth rate of auto parts exports surpassed that of the whole vehicle, and the export growth rate has been greatly increased since 2000.

In 1992, exports of auto parts only accounted for 18% of the total vehicle exports, but it increased to 52% last year. In terms of the surplus, a deficit of US$500 million in auto parts exports occurred in 1992, and a surplus of US$19.7 billion was realized last year.

According to the analysis, this is because the quality and price advantages of domestic auto parts have gradually increased and the demand of overseas companies has increased. The entire automobile companies such as Hyundai and Kia Motors have also played a role in building overseas production plants since 2000.

The strong growth of China's auto parts exports is also evident in the auto parts trade with the United States and China. Last year, China’s auto parts exports to China reached 4.458 billion U.S. dollars, a record high. Exports of auto parts to the United States reached 5.642 billion U.S. dollars, and the trade surplus amounted to 5.277 billion U.S. dollars.