China imports 140,000 cars in Jan-Apr, up 70%

Shanghai, May 14 (Gasgoo.com) China imported more than 140,000 cars in the first four months of 2008, up 70.1% over the same period of last year, according to the Customs General Administration of China. The import value amounted to US$5.1 billion, representing a increase of 84.9% year on year (y/y).

China imported 103,200 vehicles in the first quarter this year, up 74.54% y/y. China's auto imports rose over each of the first three months, and the growth in March reached a new high by hitting 40,400 units, up 63.3% y/y. In April the growth rate slowed slightly when China imported 37,500 vehicles.

Japan, the EU, Korea and the U.S. are still the four largest destinations of China's auto imports. In the first three months of this year, China's car imports from Japan increased by 120% y/y, while the imports from the U.S fell down by 26.4 percentage points. The import of SUVs rose sharply by 120%, overtaking that of sedans for the SUV to become the most-imported vehicle model. 

The rise in China's auto imports is attributed mainly to two factors: the slight price mark-down of imported cars following the Chinese yuan’s appreciation, and large imports by some enterprises before the introduction of the strict VIN (Vehicle Identification Number) management system in April.