China becomes 2nd largest exporter of auto parts to US
(Xinhua)Updated: 2007-06-08 16:35
China overtook Germany in the first quarter to become the second largest exporter of automotive spare parts to the United States, Shanghai Securities News reported Friday.
China exported US$1.936 billion worth of auto parts to the US in the first quarter this year, topping Germany which notched up US$1.934 billion, according to statistics from the US Commerce Department cited by the newspaper.
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During the same period last year, China exported US$1.52 billion worth of auto parts to the US, less than the US$1.73 billion attributed to Germany.
Statistics from the China Association of Automobile Manufacturers show that China's exports of auto parts grew at 54 percent annually from 2000 to 2005, far outpacing the 29.5 percent rise in imports.
In the first three months of this year, China exported a total of US$2.57 billion worth of auto parts, a surge of 36 percent year on year, and imports stood at US$2.42 billion, up 27 percent, according to China's customs figures.
However, analysts said China's higher exports were not a demonstration of stronger competitiveness, adding that margins on German-made auto parts far exceed those from China.
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