China expects to export more than 500,000 vehicles in 2007, the commerce ministry said, marking an increase of about 50 per cent from 340,000 the year before.
China is also seen exporting auto parts worth USD 8.85 billion, up 32.4 per cent from a year ago, the ministry said in a statement.
The world’s third-largest auto producer has already exported 294,000 cars in the first seven months of the year, up 70.3 per cent year-on-year, Commerce Minister Bo Xilai was quoted as saying in the statement.
China’s auto exports have grown rapidly. The 340,000 units shipped in 2006 were up from 173,000 the year before, according to government figures.
The country’s production capacity is expected to reach 8.5 million units this year after growing at an average of 45.8 per cent annually since 2002, the ministry said.
The auto industry accounted for 3.7 per cent of China’s economy at the end of last year.