China auto imports jump in July

0 Comment(s)Print E-mail Xinhua, August 11, 2018
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China's imports of automobiles surged in July after lower tariff rates went into effect, data showed.

In July, China imported 165,000 units of automobiles and chassis, up 50 percent year on year, data from the General Administration of Customs showed.

In U.S. dollar terms, the value of imported vehicles jumped 72 percent in July to 7.38 billion dollars.

The surge could be attributed to pent-up demand as Chinese consumers delayed purchase of cars in expectation of lower auto prices starting from July, Changjiang Securities said in a research note.

China has been opening up its doors wider to the world, with a wide range of incentives aimed at expanding imports, including cutting tariffs on vehicles and auto parts.

Beginning July 1, the 20-to-25-percent tariffs for imported vehicles were cut to 15 percent, and duties on auto parts were lowered to 6 percent from the previous levels of 8 percent to 25 percent.

Many auto brands including Volvo, Audi, and Lexus previously announced plans to reduce prices of cars imported to China after the tariff cuts.

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