In August, exports and imports of cars in China soared by 9.2%, data from the China Association of Automobile Manufacturers unveiled. Notably, the consensus surpassed the figures posted in July.
In August, the import and export volume amounted to $13.48 billion, gaining 4.1% in comparison with the value logged in August 2019. Auto imports jumped by 10.6% to $7.11 billion and exports grew by 7.6% to $6.37 billion. From January to August, car imports and exports in China fell by 16.3% to $87.39 billion year-on-year.
The car industry started to gain ground amid pent-up demand and stimulus measures taken by the government to revive the Chinese automobile market. China's economy, severely hit by the coronavirus pandemic, is recovering steadily in pair with the automotive industry. Green shoots started to appear in the car industry in April 2020. Since that moment, car sales increased by 4.4% year-on-year. This was a huge improvement for the industry as a slump in the sector lasting for 21 months had been finally halted.
