China expects to export over 500,000 autos in 2007

China expects to export more than 500,000 vehicles in 2007, the commerce ministry said, marking an increase of about 50 percent from 340,000 the year before. China is also seen exporting auto parts worth 8.85 billion dollars, up 32.4 percent 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 percent 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 percent annually since 2002, the ministry said.

The auto industry accounted for 3.7 percent of China's economy at the end of last year.

AFP