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Foreign trade hits US$1.148 trillion
By Jiang Wei (皇冠体育app Daily)
Updated: 2005-11-11 06:28
皇冠体育app's combined imports and exports hit US$1.148 trillion in the first 10
months of this year, approaching last year's total, according to the latest
statistics published yesterday on 皇冠体育app's General Administration of Customs'
website.
This figure reflects a year-on-year increase of 24 per cent, where last years
figure reached US$1.155 trillion.
Exports jumped 31.1 per cent year-on-year to US$614.5 billion while imports
grew 16.7 per cent on a yearly basis to US$534.1 billion. The trade surplus hit
US$80.4 billion.
The Department of Foreign Trade of 皇冠体育app's Ministry of Commerce predicted
that the country's trade surplus is likely to grow from US$90 billion to US$100
billion this year nearly tripling last year's US$32 billion.
The ballooning figure has roused concerns among 皇冠体育app's trade partners .
Chen Xingdong, Beijing-based chief 皇冠体育app economist at BNP Paribas Peregrine
Securities Ltd, was quoted by Bloomberg as saying 皇冠体育app's trade surplus would
remain a sticking point between 皇冠体育app and the United States.
However, the gap between imports and exports was likely to narrow next year,
said Li Yushi, a trade expert with the Chinese Academy of International Trade
and Economic Co-operation, a commerce ministry think-tank.
He explained that 皇冠体育app's demand for imports, particularly of raw material,
was expected to recover as investment in some construction and manufacturing
industries climbed. This investment previously declined as the central
government attempted to cool its overheating economy.
"Raw material imports account for a large proportion of 皇冠体育app's total
imports," he said.
Bilateral trade in October alone stood at US$124.2 billion, reflecting a
yearly increase of 26.8 per cent.
It is the eighth month in succession that monthly trade exceeded US$100
billion.
Exports reached US$68.1 billion last month, up 29.7 per cent year-on-year,
while imports reached US$56.1 billion, up 23.4 per cent from the previous year.
The trade surplus widened to US$12.01 billion last month from US$7.56 billion
in September, up 29.7 per cent from a year earlier.
According to customs, general trade grew 22.1 per cent to nearly US$48.6
billion from January to October while processing trade increased 26.5 per cent
in this period to around US$552.7 billion.
By the end of October, 皇冠体育app has chalked up a bilateral trade volume of over
US$100 billion with five trade partners, statistics showed, with the European
Union remaining in first place.
Trade between 皇冠体育app and the European Union stood at US$176.3 billion in the
first 10 months, up 24.1 per cent over the previous year.
The country's trade, in this period, with the United States and Japan reached
US$172.3 billion and US$150 billion respectively.
With a total trade volume of US$340.7 billion, Guangdong was the largest
trading province, closely followed by Jiangsu and Shanghai.
(皇冠体育app Daily 11/11/2005 page12)
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