US financial crisis erodes Chinese export market

THE DEEPENING US financial crisis is continuing to erode the global real economy, including China's automotive export businesses.

THE DEEPENING US financial crisis is continuing to erode the global real economy, including China’s automotive export businesses.

Monthly sales of the world’s biggest auto market, North America, dropped 26.6 percent in September, the worst result in a single month of the last 50 years.

Morgan Stanley estimated that global auto sale will reach 58.1 million units this year, a drop of 0.3 percent year-on-year, the first decline in recent 8 years. Auto exports drop more than 20% Spare parts manufacturers facing challenges

However, on a more positive note for China, US demand for the after-sale service market maintained 5 percent growth in the first half of the year, with many people preferring to maintain cars rather than buying new ones.

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