The figures represented an increase of 26.4 percent and 21 percent respectively year on year.

The province's other big foreign trade partners also include the European Union, Japan and Southeast Asia.

The increase of exports to Guangdong's two traditionally big trade partners has helped the province, which is China's biggest foreign trader, reach a total import and export volume of US$117.82 billion between January and July, up 22.4 percent from the same period in 2001.

Guangdong's foreign trade volume accounted for 36.1 percent of the country's total in the first seven months.

The province's exports grew even faster at 22.8 percent to hit US$62.69 billion, accounting for 36.6 per cent of the country's total, while imports reached US$55.13 billion, an increase of 22 percent.

Guangdong reached a foreign trade surplus of US$7.56 billion during the January-July period.

In July alone, Guangdong's exports reached a record of US$10.51 billion, up a significant 33.1 percent when compared with the corresponding month last year.

It was the first time the province's exports surpassed US$10 billion in one month in Guangdong's foreign trade history.

Guangdong's total foreign trade volume was US$19.95 billion in July, with monthly imports at US$9.44 billion.

Wu Shihai, an official from Guangdong Customs, has attributed Guangdong's sustainable growth of foreign trade to the provincial government's efforts to diversify the international market since the beginning of the year.

Meanwhile Guangdong, which has been the source of China's biggest foreign trade for a decade, has begun to benefit from China's membership status in the World Trade Organization.

Foreign-funded companies and joint ventures are playing an increasingly important role in Guangdong's foreign trade industry.

Exports from foreign-funded firms and joint ventures reached US$36.12 billion in the first seven months, up 24.1 percent from the same period in 2001. It accounted for 57.6 percent of the province's total exports.

The province's State-owned enterprises also sold US$22.14 billion worth of products abroad, a growth of 13.3 percent, representing 35.3 percent of total exports.

(China Daily August 15, 2002)