China's Auto Imports Rising Fast

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Last updated at: (Beijing Time) Saturday, August 23, 2003

China's Auto Imports Rising Fast

China's imports of automotive products grew by 109.2 percent year-on-year to reach 8.19 billion US dollars-worth in the first seven months of this year, according to the Ministry of Commerce.

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China's imports of automotive products grew by 109.2 percent year-on-year to reach 8.19 billion US dollars-worth in the first seven months of this year, according to the Ministry of Commerce.

This included 2.98 billion US dollars-worth for complete vehicles, 1.6 billion dollars-worth for key components and 3.61 billion dollars-worth for parts and accessories.

An official with the machinery and electrical goods department of the Ministry of Commerce predicted that China's imports of automotive products might exceed 10 billion dollars-worth throughout 2003, setting a historical record.

In terms of quantity, China imported 105,298 complete vehicles (including CKD kits) in the first seven months of this year, up 56.2 percent year-on-year. Of the total, 61,400, or 58 percent, of the vehicles were sedans, and 27,446 were cross-country vehicles.

Japan, Germany, the Republic of Korea, the United States and Sweden accounted for 90 percent of China's complete vehicle imports in the period.

As domestic plants are becoming increasingly competitive on the low- and medium-grade segment of the Chinese market, sedan imports are leaning further towards the high-end segment.

China produced 1.07 million sedans in the first seven months of this year, up 70.6 percent year-on-year, and nearing the annual output of 1.09 million in 2002, according to the National Bureau of Statistics.

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