Waigaoqiao Port Comprehensive Bonded Area expands car import business

Imported cars at the Waigaoqiao Port Comprehensive Bonded Area of China (Shanghai) Pilot Free Trade Zone [Photo/Pudong Fabu]

The Waigaoqiao Port Comprehensive Bonded Area of China (Shanghai) Pilot Free Trade Zone has seen rapid growth of its car import business, Pudong Fabu reported.

During the second half of September, the bonded area received more than 300 Mercedes-Benz S-Class and G-Class vehicles, setting a new record for the area.

The bonded zone started its bonded storage and exhibition businesses for imported cars on Sept 1, 2021, and has brought in eight luxury car brands including Mercedes-Benz, BMW, Ferrari and Maserati to operate in the area.

To date, the area has handled more than 1,500 imported cars with a total value of 900 million yuan ($124.02 million) and deferred tax incentives of about 400 million yuan.

The area has set up special channels for the entrance, exit, clearance, examination and certification of imported cars, which reduces companies' time and costs, according to a Shanghai Waigaoqiao Logistics Center manager.

Official statistics show that the imports and exports at Waigaoqiao Port Comprehensive Bonded Area totaled $2.97 billion from January to August, up 47.4 percent year-on-year. 

Out of that, the import volume increased 69.1 percent to $1.22 billion, while the export volume increased 35.2 percent to $1.75 billion.