China's auto import, export to slow further down

Shrinking demand at home and abroad will drive China's import and export of motor vehicles further down as the impact from the financial crisis lingers, the General Administration of Customs said Monday.

In the first 11 months of 2008, China bought 373,000 motor vehicles from abroad, a growth of 35.6 percent on the same period of 2007. The arrivals were valued at 13.87 billion U.S. dollars, up 45 percent, the customs administration said.

But the auto arrivals were 33,000 units in November, up only 3.2 percent. The growth rate was 39.2 percentage points below the year-earlier level.

The administration noted Chinese consumers' confidence declined for three consecutive months from August to October 2008. This resulted in a 10.3 percent year-on-year decrease in auto sales nationwide in November.

The financial crisis also slackened demand internationally and helped slow China's auto exports.

Between January and November, the nation sold 609,000 motor vehicles abroad, up 18.7 percent on the same period of 2007. The exports were valued at 8.26 billion U.S. dollars, up 42.7%.

The growth rates were 59.5 percentage points and 81.5 percentage points, respectively, lower than the year-earlier level.