Since January this year, the monthly import volume of Shanghai Customs and Excise Department has decreased for the third consecutive month, resulting in a 23% year-on-year decrease in total vehicle imports in the first quarter.
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According to statistics from Shanghai Customs, in the first quarter, Shanghai Customs District imported a total of 79,000 vehicles, a decrease of 23% year-on-year; the value was 22.58 billion yuan, down 21.9%; the average import price was 287,000 yuan per vehicle, up 1.5%.
According to analysis, there are two main reasons for the reduction of automobile imports in Shanghai Customs District in the first quarter. First, the market sales decline and the import pace slows down. Second, the related hot-selling imported models are gradually localized, and the substitution effect on automobile imports is enhanced.
Statistics show that in the first quarter, 62.2% of imported cars in the Shanghai Customs District came from the EU, but the number of 49,000 vehicles decreased by 20.8%. In the same period, imports from the United States, Japan, and Mexico were 12,000, 0.9 million, and 0.7 million, respectively, down 15.1%, 39.5%, and 29.4%, respectively. Â
Due to significant changes in demand in the Chinese market, imports of large and medium-displacement passenger vehicles have decreased significantly, while imports of small-displacement passenger vehicles have surged. This structural change means that with the deepening of bus reforms, international car companies must pay more attention to the needs of Chinese individual consumers, especially the general public.