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China has fewer imported cars in H1

Updated: Aug 7,2018 8:33 PM     Xinhua

BEIJING — China imported fewer cars in the first half of 2018 compared to the same period last year, according to the China Automobile Dealers Association (CADA).

A total of 452,000 automobiles were imported from January to June, 22.1 percent less compared with the same period last year, said a CADA monthly report on imported cars.

In the first half of the year, 394,000 imported automobiles were sold, down 9.8 percent and in June, 63,000 imported automobiles were sold, down 21.2 percent year-on-year.

Parallel imports, vehicles bought from other markets to be sold in China, declined 24 percent to 59,500 units in the first six months of the year.

Unlike traditional imports, the parallel-import scheme allows local auto dealers to directly purchase vehicles from foreign markets, and the prices of parallel import vehicles, primarily premium brands, are usually 15 percent lower than dealers authorized by automakers.

CADA reported that the decline in imported cars was due to the Ministry of Finance’s announcement in May that China would cut import tariffs on vehicles and auto parts. Consumers were waiting for lower prices of imported cars.

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

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