China’s auto imports up 48% in Jan-Jul
China’s auto imports amounted to 247,000 motor vehicles in the first seven months this year, representing a year-on-year rise of 48%, and the growth rate was 14.6 percentage points higher than the year-earlier level, according to the statistics from the General Administration of Customs released yesterday.
The faster growth in the auto imports was mainly a result of global automakers’ entering China due to the downturn of U.S. economy and the weakening sales in the U.S. and European markets affected by the surging oil prices, said the customs.
The import value for the Jan-Jul period rose 66.3% from a year earlier to US$9.17 billion.
The statistics also showed the tendency of more luxury vehicle imports as well as the continuous growth in imports of off-road autos and large-engine units.
Domestic demand for vehicles with large-engine capacities also strengthened as many people bought in advance of a consumption tax hike, which will be effective from Sep. 1.
Japan, the EU, the Republic of Korea and the U.S. are still the four largest import destinations of China.
Tags: Auto, imports