In the first three quarters of 2012, there was a 1% negative growth in imported spare parts, while the growth rate of export auto parts remained at a stable level of around 13%, and the auto parts import and export differentiation. However, the growth rate of auto parts exports slowed down in the third quarter, only 3%, and there was a clear contrast between the export of auto parts and auto parts and the export of auto parts.
Statistics show that the total imports of auto parts in the first three quarters of this year were 24.149 billion U.S. dollars, a year-on-year decrease of 0.95%. Of the imported auto parts, the engine import amount was 1.603 billion U.S. dollars, a year-on-year decrease of 33.6%; the import value of other components was 22.546 billion U.S. dollars, an increase of 2.64% year-on-year.
Data show that the total exports of auto parts in the first three quarters of this year were USD 43.767 billion, an increase of 12.79% year-on-year. Of the export auto parts, the engine export amounted to 1.151 billion U.S. dollars, a year-on-year decrease of 12.51 percent; the export value of other parts and components was 42.616 billion U.S. dollars, an increase of 13.68 percent year-on-year.
This year, the importing countries of auto parts are still concentrated in Japan, Germany and South Korea. The three countries accounted for 76% of the total imports, and imports from Germany and the Czech Republic have increased rapidly. This year, the growth rate of China's auto parts sub-projects is basically lower than the growth rate of exports. In particular, the import of engines has fallen significantly, reflecting the initiatives of overseas parts and components companies to build factories in China.
In 2012, the export of auto parts was mainly the United States, Japan, and South Korea. The top three of these exports accounted for 41% of the total. That is, the United States is the country with the highest risk of export of auto parts, and other countries have a relatively small trade deficit with China. In particular, the overall automobile trade deficit against Europe is serious. In the first three quarters, auto parts exports accounted for 81% of the total import and export volume of automotive products. Exports are still the bulk of the parts and components industry, with a surplus of 19.6 billion U.S. dollars.
Among them, the biggest surplus item is car tires, which reached 10 billion US dollars, and the car wheels also reached a surplus of 3.2 billion US dollars, which also led to the United States' double counter investigation. The export trade surplus of automotive electronics is relatively large, reaching 6 billion U.S. dollars. Exports of tires and wheels with the largest export volume have still not been affected by the European and U.S. sanctions. This shows that our energy-consuming companies are very resilient.
Due to the influx of foreign capital in recent years, the export capacity of auto parts has been expanded. The cost of manufacturing automotive parts in developed countries is high, and multinational companies are shifting labor-intensive products in the auto parts industry to low-cost countries and regions.
The competitive advantage of low labor costs in China has become the best choice for overseas component suppliers to transfer production bases to China. Many foreign auto parts companies go to China for joint ventures or wholly-owned factories.
On the one hand, the introduction and absorption of production technology and processing capacity of large multinational companies have strengthened the export competitiveness of Chinese auto parts. On the other hand, the global procurement system of multinational companies has provided an export platform for domestic auto parts and expanded the scale of foreign exports. At the same time, it has restricted the import of auto parts and has caused the current situation in which auto parts are being imported and exported.
However, relevant statistics show that as the growth rate of auto parts exports slowed down from the third quarter, the growth of auto parts exports will slow down to below 10% this year.
In the future, external factors of China's macroeconomic environment will undergo some changes that warrant attention; raw material prices will rise and export advantages will decline. Lower raw material prices and labor costs are the inherent advantages of China's auto and auto parts exports. In the meantime, raw materials continue to rise in price recently, and at the same time, the appreciation of the renminbi has increased the cost of exchange conversion, resulting in a reduction in the profit rate of auto parts exports.
Therefore, domestic auto parts and components do not have the core competitiveness, raw material market prices generally rise, corporate production costs increase, industry cost pressures increase, will have a significant challenge for the future auto parts export market.
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