Car imports surge 52.1pct in May

The country spent total $88.5 million on importing 5,339 Complete Built Units (CBU) in May, surging 52.1 percent in volume and 44.1 percent in value from April’s 3,511 units worth $61.4 million, reported general Department of Customs.

The increase of May’s car imports was beyond the forecast of analysts. In the start of May, general Statistic Office (GSO) estimated that May car import would reach 4,500 vehicles worth $78 million.

The sharp surge in car imports of May caused big surprises to the market that was very gloomy in the past two months.

Thus in the first five months of this year, total spending of CBU imports reached 18,523 cars worth $312.6 million, up 6.2 percent in volume but down 1.9 percent in value year-on-year.