Car industry plays an important part in economy of European union (EU) and also in international trade, in year 2011 new and used car accounted for about 6% of total extra EU export, the main EU trading partners are China, Japan and USA, among EU Germany is the leading car exporter, car trade generated great profit in year 2011, EU generated a net profit of EU 69.6 billion on car trade this was sufficient income for a country to support it citizen.
In year 2011 USA was the EU main motor car exporting partner with a total percentage of 21, China was second 19 % followed by Russia and Switzerland those country accounted for half of the EU export, motor car export from China and Russia has rapidly grown since 2009.
More than a quarter of car export in the year 2011 came from Japan followed closely by USA Turkey and South Korea also produced a good percentage ,among all the major trading partner Japan is the most recent to show a decrease in car exportation.
Lorries, motorcycles, trailers, and motor car contributed about 60% of extra –EU export in year 2011 export of part and motor vehicle accessory accounted of about 23%.
Major car trading countries
• Germany is among the greatest known car trading country with a contribution of closes to 60% of the total trade transacted by the EU members.
• UK is second with it contribution accounting a fifth of Germany total contribution ,some of other countries that are of significant contribution to car trade includes Czech Republic, Slovakia, and Lithuania.
• Between the year 2009 and 2011 all EU members showed a significant increase in car trade in Bulgaria and Cyprus trade grew at a fast rate while in Greece, Malta and Finland trade dropped.
• Germany is capable of generating a gross income of about EUR 7.7 billion on car trade alone this is a significant amount that can support a country expenditure Germany Export is on a continuous rise due to high technological advancement that has helped efficient and fast production rate.
EU automobile industry is of prime importance to Europe economy EU produces a quarter of the world total cars, this industry generates about 5% job opportunities in EU and is a great booster of EU economy. Trade is between new and used cars it contribute about 6% of EU used cars.
Worldwide trading was established to supply and source cars from UK to Malaysian car importers with time the company has start trading with countries such that supplies luxurious car such as Mercedes-Benz, Audi, BMW, and Porsche. This brand of car has been made to UK to supply Malaysia with about 100 luxurious cars annually this production of high quality car has seen UK car trade boosted other country that are UK trade partner include Philippines which has an annually order of about 200 cars.
Many people rely on this worldwide car trade in rising up their family this trading has also led to development in countries that are committed to it due to high profit % generated from this trade.