SHANGHAI (AFP) — China's auto imports grew rapidly in the first half of 2008, underlining its increasing importance as a market for carmakers, but export growth slowed, state media said Tuesday.
China imported 212,000 vehicles in the first half of this year, up 53.2 percent from a year earlier, the Xinhua news agency reported, citing data from the China's customs administration.
The growth rate was 18.3 percentage points faster than the same period in 2007, it said, adding that most of the imports came from Japan, the European Union, South Korea and the US.
Foreign automakers have expanded their product lines in China to boost sales, as US and European sales decline due to higher oil prices and the economic slowdown, the report said.
Domestic demand for large-engine cars also grew during the period as many people bought before a new consumption tax hike for high-emission vehicles, which will come into effect on September 1, the report said.
Meanwhile, China exported 361,000 vehicles, an increase of 58.5 percent from the same period last year. The growth rate for the period was 17.1 percentage points lower than a year earlier, mainly due to weak overseas demand.
Higher oil prices, mounting production costs at home and appreciation of the Chinese currency were also blamed for the slowdown, according to the report.
The rising import figures come after state media reported last month that China's stock of unsold new vehicles had hit a four-year high of 170,000, due to increased production at a time of slowing demand.
The reports did not provide detailed breakdowns, but analysts said most of the unsold vehicles were domestically produced economy cars while the imported vehicles are mostly high-end luxury cars.
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