By Mark L. ClementsPublished Aug 12, 2017 08:20AM(AP) The American auto industry has been on a tear, but not just for cars.
The auto industry is now a major driver of the U.S. economy, with manufacturing accounts for nearly 40% of the nation’s gross domestic product.
The U.K. is the second-largest auto market after the U!
country, with auto exports accounting for more than half of all U.Y.S.-bound exports in 2017.
It is the world’s second-biggest automotive market.
Automakers have been investing heavily in new factories in the U., especially in California and the Northeast.
And the company has been expanding its production capacity in China, where it employs more than 2.6 million people.
In a new study, an auto industry trade group predicts that China will overtake the U in terms of auto exports by 2019, accounting for a fifth of the country’s total automotive production.
The report, compiled by the UAW Local 461 and the National Automobile Dealers Association, forecasts that China would export more than $500 billion worth of vehicles in 2019.
China’s total auto exports are expected to reach $7.7 trillion in 2019, up from $6.6 trillion last year.
That’s up from about $6 trillion in 2017, and represents a 3.6% increase from the year before.
“China’s economic growth and rapid urbanization is one of the main reasons that we’re seeing the rapid expansion of automotive manufacturing,” said Mark Gorman, vice president of research at the trade group.
“This is going to accelerate as the Chinese economy becomes more dynamic.”
Auto exports were up by almost $1 trillion last quarter to $6,500 billion.
That is a 6.2% increase, compared with the same quarter a year ago, and up almost 6% from the same period last year, the trade organization reported.
The United Auto Workers, the union that represents more than 11 million workers in the auto industry, said it expects Chinese imports to grow by as much as 40%, or more than 10 million cars a day.
China’s imports were up 14% in the first three months of 2018 compared with a year earlier.
In recent years, the Uaws union has warned that China’s government is increasingly trying to suppress trade unions and limit union rights.
The auto industry’s growth has come at a cost for U.U.S., as factories are laying off workers and laying off U.s. jobs.
Last month, the Obama administration said it would reduce incentives for companies to invest in U. States.
China has also tightened its economic restrictions on foreign auto imports.
In May, the country temporarily halted all imports of U. S.-made cars from Canada and the U and halted exports of vehicles from Mexico.
The Chinese government has also threatened to ban imports of the Toyota Camry.
China is not the only country with a huge appetite for U-haul trucks.
China exported more than 6.4 million U. vehicles in 2017 to the U.’s U.A.E. and U.N. member states, and U-Haul shipments accounted for more for the industry’s exports than all other exports combined.
China also is the largest foreign consumer of U-haul freight in the world.
It imports nearly $1.4 trillion in U-trailers per year.