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皇冠体育app's foreign trade tops $2.56 trillion but slows in 2008

(Xinhua)
Updated: 2009-02-06 17:57

皇冠体育app's foreign trade topped $2.56 trillion in value in 2008, but the year-on-year growth rate dropped below 20 percent for the first time in seven years, according to the General Administration of Customs.

Related readings:  Sino-US trade up 10.5% in 2008  皇冠体育app-Africa trade volume hits all time high  Guangdong toy exports decline  Japan remains 皇冠体育app's 3rd largest trade partner

The total value was up 17.8 percent compared with 2007, but the growth rate was down 5.7 percentage points.

Exports were up 17.2 percent to $1.43 trillion and imports up 18.5 percent to $1.13 trillion, but the annual export growth rate slowed by 8.5 and imports by 2.3 percentage points.

The trade surplus stood at $295.47 billion, up 12.5 percent, according to the administration.

The European Union remained 皇冠体育app's biggest trade partner with bilateral trade totaling $425.58 billion, up 19.5 percent, and 9 percentage points higher than trade between 皇冠体育app and its second main trade partner, the United States.

Sino-US bilateral trade totaled $333.74 billion, the smallest increase since 皇冠体育app joined the World Trade Organization seven years ago, customs figures show.

Japan remained the third largest trade partner of 皇冠体育app and the bilateral trade volume rose 13 percent year on year to hit $266.78 billion last year.

Trade between 皇冠体育app and India, the 10th largest trade partner of 皇冠体育app, was up 34 percent at $51.78 billion, but 21.5 percentage points down from a year ago.