China's October foreign trade drops 8.3%
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China.org.cn, November 10, 2011
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Containers pile up on a cargo ship in a port in China. [File photo] |
China's foreign trade fell 8.3 percent from September to US$297.95 billion in October, the General Administration of Customs (GAC) announced Thursday.
Yet the foreign trade figure still rose 21.6 percent year-on-year, according to GAC data.
October exports weakened 7.2 percent month-on-month to US$157.49 billion, while imports dropped 9.5 percent month-on-month to US$140.46 billion.
The October trade surplus amounted to US$17.03 billion, down 36.5 percent year-on-year.
On a yearly basis, exports were up 15.9 percent, while imports expanded 28.7 percent year-on-year, the GAC said in a statement on its website.
China's foreign trade is set to hit a historic high this year, as exports and imports in the first 10 months increased 24.3 percent from a year earlier to reach US$2.97 trillion, according to the GAC.
During the January-October period, the country's trade surplus narrowed by 15.4 percent year-on-year to US$124.02 billion.
General trade jumped 31.6 percent year-on-year to US$1.57 trillion from January to October, while processing trade advanced 14.2 percent to just over US$1 trillion.
The GAC data showed China's foreign trade with its major trading partners -- the European Union (EU), the United States and Japan -- has slowed this year, compared to stronger growth in foreign trade with emerging economies.
Despite the lingering debt crisis in Europe, the EU remained China's top trading partner during the January-October period, with trade amounting to U$466.94 billion, up 20.2 percent year-on-year.
China's trade with the United States increased 16.8 percent from a year ago to US$363.03 billion.
A free trade area arrangement between China and the Association of Southeast Asian Nations (ASEAN) boosted China-ASEAN trade by 25.7 percent year-on-year to US$295.91 billion during the period.
China reported a trade deficit of US$21.17 billion with ASEAN, 59.2 percent greater than a year ago.
The nation exchanged goods and services worth US$281.61 billion with Japan in the first 10 months, a year-on-year increase of 17.7 percent.
China's trade with Australia, Brazil, Russia and South Africa grew much faster than average, increasing by 34.6 percent, 37.4 percent, 43.8 percent and 87 percent, respectively.
The prospect for China's exports will be quite grim in 2012, due to a sluggish demand from the European Union and United States, both major trade partners of China, together with a rampant trade protectionism, said Li Jian, a researcher at the China Academy of International Trade and Economic Cooperation.
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