- China'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 China's General Administration
of Customs' website.
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- This figure reflects a year-on-year increase of 24 per
cent, where last years figure reached US$1.155 trillion.
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- 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 China'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.
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- The ballooning figure has roused concerns among China's
trade partners .
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- Chen Xingdong, Beijing-based chief China economist at
BNP Paribas Peregrine Securities Ltd, was quoted by Bloomberg as saying
China's trade surplus would remain a sticking point between China and the
United States.
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- 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.
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- He explained that China'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.
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- "Raw material imports account for a large proportion
of China's total imports," he said.
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- Bilateral trade in October alone stood at US$124.2 billion,
reflecting a yearly increase of 26.8 per cent.
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- It is the eighth month in succession that monthly trade
exceeded US$100 billion.
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- 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.
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- 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.
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- 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.
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- By the end of October, China 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.
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- Trade between China and the European Union stood at US$176.3
billion in the first 10 months, up 24.1 per cent over the previous year.
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- The country's trade, in this period, with the United
States and Japan reached US$172.3 billion and US$150 billion respectively.
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- With a total trade volume of US$340.7 billion, Guangdong
was the largest trading province, closely followed by Jiangsu and Shanghai.
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- http://www.chinadaily.com.cn/english/doc/2005-11/11/content_493879.htm
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