Import and export of internal combustion engine industry from January to May 2024
In May, imports and exports continued the recovery trend since the beginning of the year. Export performance exceeded expectations again, with monthly export amounts reaching a historic high; The import performance is in line with seasonality. The favorable factors for China's exports are gradually increasing, including low base, external demand recovery, price rebound, and stable foreign trade policy support. But we still need to continue to pay attention to the uncertain risks brought by trade protectionism.
According to statistics from the General Administration of Customs, China's total import and export value for the first five months of 2024 was 2464.32 billion US dollars, an increase of 2.8%. Among them, exports reached 1400.76 billion US dollars, an increase of 2.7%; Imports amounted to 1063.66 billion US dollars, an increase of 2.9%; The trade surplus is 337.21 billion US dollars.
Specifically in the internal combustion engine industry, there has been a slight increase in import and export performance, with import growth exceeding exports.
According to data compiled by the General Administration of Customs, the total import and export volume of the internal combustion engine industry from January to May 2024 was 13.153 billion US dollars, a year-on-year increase of 1.37%. Among them, imports were 3.711 billion US dollars, a year-on-year increase of 7.64%, and exports were 9.442 billion US dollars, a year-on-year increase of -0.90%.
In terms of import value, gasoline engines and other types of internal combustion engines decreased year-on-year, while other types showed growth, with a significant decrease in other types of internal combustion engines. Specifically, from January to May 2024, diesel engine imports amounted to 669 million US dollars, a year-on-year increase of 59.69%; Gasoline engine imports amounted to 178 million US dollars, a year-on-year increase of 5.96%; The import of other types of complete machines reached 880 million US dollars, a year-on-year increase of -21.56%; The import of internal combustion engine components reached 1.672 billion US dollars, a year-on-year increase of 12.76%; The import of generator sets reached 311 million US dollars, a year-on-year increase of 33.02%.
In terms of export value, except for the year-on-year decrease in other categories of complete machines and generator sets, all other sub categories increased year-on-year. Specifically, from January to May 2024, diesel engine exports amounted to 552 million US dollars, a year-on-year increase of 4.96%; Gasoline engine exports amounted to 880 million US dollars, a year-on-year increase of 34.29%; The export of other types of complete machines reached 953 million US dollars, a year-on-year increase of -13.43%; The export of internal combustion engine components reached 5.131 billion US dollars, a year-on-year increase of 5.24%; The export of generator sets reached 1.926 billion US dollars, a year-on-year increase of 18.75%.
