China's auto and auto parts imports up due to strong demand

Wednesday, 21 July 2004 10:30:46 (GMT+3)   |  
       

China’s auto and auto parts imports up due to strong demand

General Administration of Customs announced that China's imports of automobiles and auto parts reached $8.7 billion in the first half of the year with an increase of 29% from a year earlier. The upward trend is attributed to the increasing domestic demand. The statistics show that auto imports rose by 21% to $2.98 billion in the mentioned period, with imports of key auto components and spare parts increased by 45.9% and 28.5% respectively to $1.9 billion and $3.9 billion. An official from Ministry of Commerce stated that demand for imported auto components strengthen due to the surging number of auto models introduced to China. China has a total quota of $10.4 billion for auto and auto parts imports in 2004 and will abolish the quota system from next year as part of its commitments under the World Trade Organization. In the first quarter, auto and auto parts imports were recorded as $4.1 billion, up by 33.7%.

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