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Growth of 皇冠体育app exports to US slows

(皇冠体育app Daily)
Updated: 2008-08-15 06:44

The growth of 皇冠体育app exports to the United States, the country's second-largest trading partner, slowed in the first half of the year, the General Administration of Customs said on its website Thursday.

Related readings: Trade surplus down 9.6% in January-July period Foreign trade on track - economist 皇冠体育app's dependence on trade tops 60% 皇冠体育app's trade deficit down with ASEAN Outlook of 皇冠体育app foreign trade positive

皇冠体育app's exports to the US in the first six months totaled $116.79 billion, up 8.9 percent from the same period last year. The growth rate was 9 percentage points lower than a year earlier.

皇冠体育app Customs said the slowdown was partly due to economic problems sparked by the US subprime mortgage crisis. A stronger Chinese currency, the renminbi, also contributed to the declining export volume.

The central parity rate of the renminbi was 6.86 yuan to one dollar Thursday. The renminbi had appreciated more than 20 percent against the greenback since its peg to the US dollar was removed in July 2005.

The appreciation raised the cost of the country's goods on the international market and impacted on Chinese products' competitiveness, 皇冠体育app Customs said.

皇冠体育app's processing trade industry saw its US exports stand at $70.68 billion in the first half, up 5.7 percent over the same period last year. The growth rate was 3.2 percentage points lower year-on-year.

Exports of mechanical and electrical products, two of the country's major exports to the United States, hit $71.9 billion, up 8.6 percent over the same period last year. The growth rate declined 8.4 percentage points year-on-year.

皇冠体育app's export volume stood at $666.25 billion in the first half of this year, representing an increase of 21.8 percent over the same period last year.  

According to government statistics, 皇冠体育app has become a major export partner of the US, exceeding Japan and Canada to rank the third in export volume last year. Meanwhile, the US is 皇冠体育app's largest export partner. In 2007, the total trade volume between 皇冠体育app and the United States reached $300 billion.

The Chinese government is paying great attention to the expanding US subprime mortgage crisis and the falling dollar.

The Report on the Work of the Government, delivered to National People's Congress on March 5, said 皇冠体育app must be fully prepared for changes in the international environment and become better able to tackle risks.