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China’s trade surplus on automobile and related goods hit a record high of about US$3.5 billion in the first nine months of the year, according to a report by the China Association of Automobile Manufacturers.
The first three quarters saw auto and its related imports reach US$9 billion, down 16.9 percent from last year, the report said.
The full-year auto imports are expected to slip by 30 percent from a year ago, predicted Xu Changming, a senior economist with the National Information Center.
About 130,000 units of cars are expected to be shipped into China this year, the first time in over a decade that auto imports will see a drop.
Most international carmakers have carried out their localization strategy in China to lure customers with competitive prices, which has dented the demand for imported cars in the domestic market.
China's macro-control of the auto sector, like capping more strict licensing requirement for auto dealers and introducing an on-the-spot taxation policy, also bring a lot of pressure on dealers when they issue purchase orders, according to industry observers.
Sale of imported cars also dropped 11.6 percent to 94,000 units for the first nine months while sales of domestically made autos grew 10.11 percent, according to the association.
Meanwhile, imports and exports by overseas-invested companies through Shanghai Port rose 16 percent in the first three quarters, fueled by growing trade of electronic and machinery goods and high-tech products, Shanghai Customs said yesterday.
Trade from overseas firms totaled US$90.9 billion from January to September, accounting for 64.6 percent of total trade through Shanghai, the Customs said.
Shanghai Port handles more than a quarter of China's total trade. Imports rose by 7.9 percent during the period to US$46.2 billion, while exports jumped by 25.7 percent to US$44.7 billion, led by exporters like Tech-Front Computer (Shanghai) Ltd and Intel Products (Shanghai) Ltd.
(Shanghai Daily October 21, 2005)
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