“In the first three quarters of 2023, the value of car imports into the EU increased by 43.2%, while the volume grew by as much as 28.5%. At the same time, the improvement in production, facilitated by the gradual reduction of supply chain problems, led to an 18.3% increase in the value of exports and 16.8% in their volume. The result was a trade surplus that grew by 4.7% compared to the same nine-month period in 2022.” These are the first data to emerge from the “Economic and market report: Global and European automotive industry”, presented by Acea (European Automobile Manufacturers Association) relating to the first 9 months of 2023.
China, South Korea and Japan
“In the first three quarters of 2023, China maintained its position as the primary source of new car imports to the EU in value terms, with impressive growth of 58.1% and a significant market share of 17.2%. % in terms of value”, Acea’s analysis continues. “This is followed closely by South Korea and Japan, which together contribute almost half the value of EU new car imports outside the bloc. In this period the United States and the United Kingdom stood out, with impressive growth rates of 62.4% and 33.2% respectively”. “With regards to import volumes, the five main countries contributing to EU imports recorded substantial increases in 2023 compared to the previous year. China led the pack with a notable increase of 50.7%, followed by Japan (+43.5%), Turkey (+20.8%), Morocco (+17.3%) and South Korea (+ 14.2%)”.
Exports to China down 17.9%
In the first three quarters from 2023, “the value of exports of cars produced in the EU and destined for the UK and the US increased by 28.1% and 16% respectively, making them the two most valuable export markets in the EU”, continues Acea’s analysis. “Exports to China instead decreased by 17.9%. Notably, EU new car exports to Turkey grew significantly over the same period, with an increase of 135.2%. When looking at export volumes to the five main EU destinations, Turkey stood out, with the volume of new cars exported more than doubling. Export volumes also grew strongly in the two main markets, the United Kingdom (+16.5%) and the United States (+14.7%), which represent over 40% of the total EU export volume.” , underlines the Acea report.
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