China's auto imports up 29.8% in 1st 5 months
(Xinhua)
Updated: 2004-06-23 16:02

China imported US$7.011 billion worth of automotive vehicles and auto parts during the first five months of this year, up 29.8 percent year-on-year, according to figures released by the Ministry of Commerce.

The imports include 77,863 complete units of automotive vehicles at a total expense of US$2.427 billion, up 7.5 percent and 23.2 percent respectively.

According to the figures released by the country's customs department, China imported US$1.521 billion worth of key automotive parts during the five month period, and US$3.062 billion worth of other automotive parts, up 48 percent and 27.6 percent respectively.

Sedans took the lion's share of the imported automotive vehicles, accounting for 67 percent, or 52,137 units, which are valued at US$1.471 billion, up 28.2 percent and 41.3 percent respectively.

Analysts said China imported 12,900 complete units of auto vehicles last month, or 1,600 more than the same period of last year, but the number was smaller than any of the other four months.

The monthly number of imported complete auto vehicles has been dropping since February, and experts attributed the decrease to the release of increasing models of auto vehicles on the Chinese market by overseas car makers through their local auto plants and dealers.

But other experts say China is expected to cancel its car import quota next year to comply with its obligation on its entry into the World Trade Organization, which prompted many domestic consumers to expect a further price drop in the car market despite recent price cuts.

The huge potential in China has attracted almost all famous international auto makers to expand their car business in the country, including auto giants from Germany, the United States, Japan and the Republic of Korea.

In 2003, there were 4.39 million autos sold in China, a rise of 34.2 percent over the previous year, and 4.44 produced, a 35.2 percent increase. The country had a total of more than 20 million automotive vehicles registered by last year, 12 million of which were private.

In the latest development, world auto giant DaimlerChrysler signed an agreement last month to form a joint venture with Fujian Motor Industry Corp. on the Chinese mainland and China Motor Corp. to produce a Mercedes-Benz van.

With a combined investment of US$235 million and an annual capacity of 40,000 units, the venture will begin producing Mercedes-Benz Sprinter, Vito and Viano vans in small numbers this year.

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