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National Customs Automobile Imports and Exports statistics show that in the first half of 2014, the import value of auto goods was US$48.01 billion, an increase of 28.28% year-on-year; the value of exports was US$40.023 billion, an increase of 7.33% over the same period of the previous year. Of which, the import of automobile parts and components was US$17.726 billion, up year-on-year. The growth rate was 14.81%, an increase of 11.68 percentage points over the same period of last year. The accumulative export of auto parts was US$ 30.913 billion, an increase of 9.78% over the same period of last year, and the increase was higher than the same period of last year.
From the data point of view, the auto parts surplus amounted to 13.187 billion U.S. dollars, but the auto goods trade deficit was nearly 8 billion U.S. dollars. It can be seen that self-sufficient vehicle sales have not only experienced a “11-point drop†in sales volume in the country, but their export business performance has also been “unsatisfactoryâ€. However, auto parts exports have steadily increased in the first half of this year.
- Decline in imports of three types of products
From the table of imports and exports of auto parts in the first half of 2014, the three categories of seat belts, drive axles, and automobile tires all increased by more than 20%, of which the growth rate of seat belts reached 28%. The import amount was relatively large. It is a key component such as transmissions and engines. In particular, imports of transmissions have increased rapidly. This is mainly due to the increase in the number of self-owned brand auto companies that have gradually adopted imported transmissions. This year, the sales volume of China's joint-venture brand vehicles has increased significantly. The auto parts related to safety are mainly purchased abroad.
In the first half of this year, the year-on-year growth of China's auto parts import business was relatively large. The total import volume decreased year-on-year was for the engine, electronically controlled fuel injection devices, and automotive inner-tube tires, which were 7.43%, 21.15%, and 73.95%, respectively. Foreign-branded cars that had joint ventures in China were all engine factories. Car accessory. Electronically controlled fuel injection device technology is generally in the hands of a few foreign-funded parts and components companies such as Bosch. These parts and components companies are increasingly “localized†in China, and most of them have their own production bases, which can basically satisfy local supply. Non-tube inner car is the trend of car development. In the future, the demand for car inner tubes will be less and less, and the import and export volume will decrease year by year. In the first half of 2014, the import of auto parts was 366,600 sets of auto engines, down 4.06% year-on-year, the import amount was 1.04 billion US dollars, a year-on-year decrease of 7.43%; the auto parts, accessories and auto body import amount was 14.918 billion US dollars, an increase from the same period of last year. 16.03%; Imports of automobile and motorcycle tires amounted to US$353 million, up 20.51% year-on-year; Imports of other automobile-related commodities amounted to US$1,410 million, a year-on-year increase of 21.51%.
- Less exports of key components
The largest auto parts for the surplus of imports and exports are tires, with a surplus of 6.75 billion U.S. dollars. In the first half of this year, the largest import and export deficit for transmissions amounted to 4.751 billion U.S. dollars, and there was a slight deficit for engines, airbag devices and drive axles. Transmissions, engines, airbag devices, and drive axles are the core components of automobiles and are generally controlled by foreign companies. China produces more auto parts and components with lower technological content, fewer parts and components companies have mastered core technologies, and exports are less than imports.
In addition, exports of electronically controlled fuel injection devices and automotive inner tubes fell in both categories year-on-year, with the former dropping by more than 20% and the latter falling by about 9%. Compared with the same period of last year, the export volume of engines, automobiles, and motorcycle tires ended declining, showing a slight increase. The growth rate of the other two categories of products increased. In the first half of the year, the number of engines exported was 7.1111 million units, an increase of 6.51% year-on-year, and the cumulative export value was US$815 million, an increase of 8.36% year-on-year; the auto parts, accessories, and body exports were US$16.93 billion, an increase of 14.40% year-on-year; 7.353 billion U.S. dollars, an increase of 4.59% year-on-year; other auto related goods exported 5.915 billion U.S. dollars, an increase of 4.43% year-on-year.
- Import and export surplus will increase
Overall, China’s auto parts import and export performance performed better than expected in the first half of 2014. From the import data, the recent increase in China's auto parts imports is significant. Since the beginning of this year, the joint venture brands have continued to grow, and the demand for key components related to safety has increased. However, parts such as engines have gradually become localized, and import growth has been declining year by year.
In the first half of this year, transmission imports are still a major focus. However, as more and more joint ventures set up transmission production bases in China, imports of transmissions will decline in the future. A large number of Chinese parts and components companies went abroad and entered the automotive aftermarket in Europe, America and other countries and regions. On the one hand, mature markets in Europe and the United States and other countries have strong demand for low-cost components in China. On the other hand, the domestic auto market is highly competitive, and the profit margin for auto suppliers from domestic auto manufacturers is decreasing.