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Growth in auto exports slows in 1st half

(Xinhua)
Updated: 2008-08-19 10:52

China's auto exports grew at a slower pace in the first half, due partly to the US credit crunch, rising oil prices, mounting production costs at home and appreciation of the Chinese currency, the General Administration of Customs said on Tuesday.

More difficult access to some target markets, including Russia and Venezuela, also accounted for the slowdown, the administration added.

From January to June, China exported 361,000 motor vehicles, a growth of 58.5 percent on the same period of last year. However, the growth rate was 17.1 percentage points lower than the year-earlier level.

The exports were valued at $4.62 billion, up 89 percent. The growth rate was 28.2 percentage points lower.

Of the total, 48,000 motor vehicles were sold to Russia, up 26.2 percent, compared with the 300-percent growth rate a year earlier.

However, sales to ASEAN member nations soared 270 percent to 54,000 units, including 46,000 to Vietnam, up 300 percent.

Domestic automakers accounted for 73.2 percent, or 264,000 of the total vehicle exports, up 72.4 percent. Of these, 176,000 were produced by state-owned enterprises, up 58.3 percent, and 75,000 by private companies, up 89.2 percent. The growth rates were 29.2 percentage points and 9.5 percentage points, respectively, lower than the year-earlier level.