Car trade surplus hits new high
21 October 2005
China's trade surplus in cars and components hit a record US$3.57 billion in the first eight months of the year, despite the removal of tariffs on cars imported into the country in accordance with WTO rules, the South China Morning Post reported. According to figures issued by the China Auto Industry Association, exports for the period were worth US$12.62 billion, a rise of 56% on the same period last year, while imports fell 17% to US$9.05 billion. The association expects vehicle imports for the year to be 130,000 units, down 27% on 2004, in what would be the country's first ever year-on-year fall in imports of the product.
