China Jan-May Automobile Imports Up 83% On Year

BEIJING June 17, 2003; Dow Jones reported that China recorded an 83% year-on-year increase in automobile imports to 72,399 units in the first five months of 2003, state media reported.

The value of those imports more than doubled year on year to $2 billion, the official Xinhua News Agency reported late Tuesday, citing General Administration of Customs statistics.

The report said about 85% of the imported automobiles were sedans and off-road vehicles. The remainder consisted of buses, trucks and special-use vehicles.

The rise in imports is a reflection of both lower automobile import tariffs mandated by China's World Trade Organization agreement, and an ongoing boom in demand for both domestically produced and imported vehicles.

China entered the global trade body in December 2001.

Japan was the leading exporter of sedans and off-road vehicles to China during the January to May period, the report said. Other major automobile exporters included South Korea, Germany and the U.S.

The report said that China's automobile exports more than tripled year on year to 30,820 units in the first five months of 2003.