Business

Car imports see strong recovery in March

Import turnover of completely built-up (CBU) cars in March increased by 55.4% in volume and 41.4% in value compared to the previous month.
Car imports see strong recovery in March ảnh 1Imported cars in Hai Phong Port. Vietnam imported about 15,000 completely built-up cars in March with a value of 287 million USD. (Photo: VNA)
Hanoi (VNS/VNA) - Import turnover of completely built-up(CBU) cars in March increased by 55.4% in volume and 41.4% in value compared tothe previous month.

A preliminary report from the General Statistics Office (GSO) saidthat Vietnam imported about 15,000 CBU cars in March with a value of 287million USD.

However, this import decreased slightly by 1.7% in volume and 18.8%in value compared to the figures in March 2023.

The strong recovery in CBU car import in March was due to the carimport in February falling sharply when businesses stopped all import-exportactivities during the seven-day Tet (Lunar New Year) holiday.

Those numbers in February reached 9,650 units in volume and 203 million USD invalue.

Thus, CBU car import turnover in March had a strong recoverydespite the market situation not showing clear positive signals.

Positive signals from the economic recovery are bringing backhigher expectations of domestic car demand.

The CBU car import is expected to continuously recover in thesecond quarter of 2024.

After the Tet holiday,the Vietnamese auto market welcomed many new car models, mainly imported cars.

GSO also reported that the total import of CBU cars in the firstthree months of 2024 was estimated at 31,452 units worth 632 million USD, down25.1% in volume and 31.7% in value year on year.

This was still a very low turnover compared to 2023, before the market fellinto a period of deep decline in demand./.
VNA
#car imports #completely built-up #CBU #General Statistics Office #economic recovery #auto market #imported cars #updated Vietnam news #Vietnamplus #Vietnam News Agency
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