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China auto export slows in 2008 amid falling demand

(Xinhua)
Updated: 2009-02-04 18:23

China's export of autos, including auto parts and components, increased 21.6 percent to $49.73 billion in 2008, but down 23.71 percentage points compared with the previous year, China Association of Automobile Manufacturers (CAAM) said on Wednesday.

Related readings:  China's car sales growth tumbles to 10-year low  Customs: Growth in auto trade to slow further  Financial crisis hits China's auto exports  China's FAW Car 08 net up 90-120%, Changan down

Total imports reached $31.43 billion, up 20.96 percent year-on-year and showed "no obvious decline" compared with 2007, according to the CAAM.

The pace of the country's auto export slowed down in 2008, especially in the second half, affected by a shrinking overseas market.

China exported 680,700 cars last year, up 11.1 percent year on year. However, the growth rate tumbled 48.27 percentage points compared with the first half and 67.85 percentage points from 2007. Car exports kept declining for five consecutive months from August.

China imported 410,100 cars worth of $15.13 billion in 2008, up 30.53 percent by number and 41.65 percent in value from 2007. The growth was slightly down compared with the previous year, which was 37.9 percent by number and 45.3 percent in value.