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During September 2024, China’s Light Vehicle (LV) market was stable compared to the previous month, with sales and production volumes exhibiting divergent trends. Domestic LV sales, excluding exports, reached 2.3 million units, marking a year-on-year (YoY) decrease of 5.4% but a significant month-on-month (MoM) increase of 17.2%, according to data and analysis released today by the respected GlobalData consultancy.* With the ongoing China trade wars, it’s possible that more than half of passenger vehicles were subsidized. Moreover, auto exports are increasing their importance and significance for the Chinese auto industry. Thus the trade wars will continue. The Chinese government has told giant EV makers BYD, SAIC and Geely to halt investment plans in Europe. This will likely play out globally in other trade blocs and countries.
“The substantial YoY and MoM differences may be attributed to the high sales base in the previous year and the gradual impact of the old-for-new subsidy policy. Breaking down the figures by model type, Passenger Vehicle (PV) sales totaled 2.1 million units, with a 2.4% YoY decline but a substantial MoM increase of 18.0%. In contrast, Light Commercial Vehicles (LCVs) also showed a downward trend, which was much more obvious than PV. Continue reading
U.S. International Trade Deficit Up in September
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The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $84.4 billion in September, up $13.6 billion from $70.8 billion in August (revised). As the economy continues to expand, consumers are buying more raising the deficit. The news comes on Election Day where under new Trump Administration – if it returns – proposed tariffs by Trump will cost consumers billions upon billions of dollars, send the cost of living soaring and hurt the economy overall. Trumpa-nomics 2 the sequel: Tanking the Economy Again.
“September exports were $267.9 billion, $3.2 billion less than August exports. September imports were $352.3 billion, $10.3 billion more than August imports. The September increase in the goods and services deficit reflected an increase in the goods deficit of $14.2 billion to $109.0 billion and an increase in the services surplus of $0.6 billion to $24.6 billion. Year-to-date, the goods and services deficit increased $69.6 billion, or 11.8 %, from the same period in 2023. Exports increased $84.7 billion or 3.7 %. Imports increased $154.4 billion or 5.3 %,” the Bureaus said. Continue reading →