China market rebounds strongly during April
By Will Pulson - 26th June 2023
China - Sales of commercial vehicles in China surged by over 60% year-on-year to 348,000 units in April 2023 as the market rebounded from depressed year-earlier sales - when the government imposed widespread Covid lockdowns across the country. Wholesale data released by the China Association of Automobile Manufacturers (CAAM) shows the market plunged by 61% to 216,000 units in April of last year.
Overall economic activity picked up in the first quarter of 2023, with GDP growing by 4.5% year-on-year from a multi-decade low of 3.0% in the whole of last year, as the country began a gradual recovery from the Covid pandemic. Full-year growth is forecast to exceed 5%, with stronger economic output expected in the second half of the year.
