There is one area where the feared Chinese export machine is way behind, and this is cars. According to data published by the China Association of Automobile manufacturers CAAM, 566,200 units were exported in 2010. At and in the same time, China imported 813,600 units.

Today, I saw a new, and so far the finest specimen of Japan’s new export products: A car factory. Remember when the Nikkei wrote about a new Toyota factory in the Miyagi Prefecture with a U-shaped assembly line where the assembly time is cut down to a third? Not only did they get it wrong. They missed the best part of the story: Budget car factories, ready for export. Of course, that’s not how it was sold to the natives.

Ohira is a little village near Sendai. Sendai is a town two Shinkansen hours north of Tokyo. The area is famous for its beef tongue, not the hottest export item. Ohira was known for exactly nothing until Toyota decided in 2007 to relocate their factory from Sagamihara, in the outskirts of Tokyo, up into the woods of Ohira.

A year later, the whole region went into shock:

Another American car company rides to the rescue of China’s feared, but so far dismal car exports. Ford is in talks with its Chinese Joint venture partner Changan to export China-made Ford vehicles to emerging markets, two people familiar with the matter told Reuters.

Speaking of exports, a Canadian columnist of the Saint City News made out an eager market, lusting for American cars, right in front of our noses. The writer found “a market of 11 million people who love GM products and paste Chevrolet bowtie logos on decrepit Ladas and Skodas.” However, the American government has denied that market the American dream, “year after year for more than half a century.” You know which market we are talking about. No? It’s some 100 miles from Key West. Right: Cuba.

So far, the feared Chinese car exports were nothing to write home about. Imports to China are outpacing exports from China by a wide margin. In units and especially in value. While China manages to sell a few cheap pickups to developing countries, it has become the #1 market for the (imported) Mercedes S Class. The German car industry in particular is running extra shifts to keep up with the Chinese appetite for German imports. One carmaker is determined to change that gross trade imbalance. Not Chery. Not Geely. It’s General Motors.