China auto imports fall 34% y/y in Jan-April

Shanghai, May 15 (Gasgoo.com) China's imports of automobiles plunged 34% from a year earlier to about 93,000 units in the January-April period, state media Xinhua News Agency reported, quoting data form China Customs.

Import value in the first four months came to 3.47 billion yuan, down 32% from the year-ago period.

China's auto imports have been falling month by month since last November, and imports tumbled 21% year on year in January, 38% in February and 43% to just 23,000 units in March, the biggest fall since February 2005.

In April, China imported 26,000 vehicles, down 31% from a year earlier.

The report said the government's tax reduction policies, including halving car purchase tax, had helped to fuel demand for small cars, but the country imports mostly larger vehicles.