BUSINESS China's auto imports, exports further expand

BUSINESS

China's auto imports, exports further expand

CGTN

20:29, November 21, 2020

China's automobile imports and exports continued their growth momentum in October by gaining 48.9 percent year on year, according to data provided by the China Association of Automobile Manufacturers (CAAM).

A cargo ship at the port of Lianyungang, east China's Jiangsu Province, alongside vehicles set to be exported to Belgium, September 3, 2020. (Photo: CFP)

Last month, the import and export volume totaled $15.33 billion, gliding by 2 percent from a month earlier, said the CAAM, citing customs data.

In breakdown, auto imports climbed by 73.3 percent year on year to $8.33 billion in October while exports rose by 27.5 percent to $7 billion during the period.

In the first 10 months of the year, auto imports and exports totaled $118.37 billion, down by 8 percent year on year but narrowing from the January to September decrease, said the CAAM.

China's auto market, hit by COVID-19, began to recover in April thanks to unleashed pent-up demand and supportive policies, with sales rising by 4.4 percent year on year, which ended the contraction streak over the previous 21 months, according to the CAAM.

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