Despite state collection of consumption tax, the Shanghai Port imported 937,000 watches between May and November, a growth of 20.8 percent over the same period of last year.

The arrivals were valued at 248 million U.S. dollars, up 47.8 percent, according to local customs sources.

On April 1, China began to levy consumption tax at a rate of 20 percent on luxury watches.

However, the May-Nov. period witnessed 39,800 luxury watches imported via the Shanghai port. The imports were valued at nearly 108 million U.S.dollars, or more than 1,250 U.S. dollars each.

Festival buying spree for the National Day, Christmas and the coming New Year has been driving up luxury watch import since October, the sources said.

Between October and November, the Shanghai Port imported approximately 16,200 luxury watches, valued at 44 million U.S. dollars, exceeding the 14,400 items, or 36 million U.S. dollars-worth, for the third quarter.

The most expensive watch bought in the two-month period was valued at 288,000 U.S. dollars.

The local customs sources said most of the watches were imported from Switzerland.

From January to November, Shanghai bought 1.04 million watches, or more than 313 million U.S. dollars-worth, from the European country.

Source: Xinhua