01.10.2020, 17:45

Car imports suffer steep drop in September

During the course of the opening nine months of the year, the country spent approximately US$1.33 billion on importing 60,000 CBU cars, representing a drop of 43% on-year in terms of volume and a 44% fall in value. 

Imports over the past month also witnessed a sharp fall because it coincides with the seventh lunar month, traditionally known as the “ghost month”, during which locals tend to avoid buying new things in an effort to avoid bad luck.

This sharp decline can also attributed to the Government’s support of policies on zero import tariffs for components, in addition to a 50% reduction in registration fees for assembled cars.

Furthermore, the third quarter also witnessed the second wave of the novel coronavirus (COVID-19) pandemic, a factor which had a severe impact on the global automobile industry.