Total exports of January edged 0.8 percent to US$16.92 billion, while imports grew 1.9 percent to US$15.54 billion. Trade surplus in China's favor hit US$1.38 billion.

Experts say the slight increase of foreign trade volume, compared with a sharp increase in the same period last year, was mainly because of the long period of holidays in January.

China's exports to the European Union surged 10.1 percent, to the Association of Southeast Asian Nations (ASEAN) 10.8 percent, and to Russia 23 percent.

China's imports from the above three partners also grew vigorously. China's imports from the European Union rose 3 percent, from the ASEAN 16.2 percent and from Russia 169.5 percent.

Among all types of exporters, overseas-invested companies reported the largest increase margin of exports at US$8.32 billion, up 10.3 percent. Total exports of those companies accounted for 49.2 percent of all exports in January.

The exports of machinery and electronic products hit US$7.46 billion, up 10.6 percent. The exports of machine tools, electric appliances and electronics products all increased by a big margin.

In addition, the imports of timber, powdered iron ore, machinery and electronics products surged. But the imports of crude oil, paper pulp, chemical products and rolled steel declined.

China reported an unprecedented amount of foreign trade volume last year. Total foreign trade volume hit US$474.3 billion, up 31.5 percent, with exports up 27.8 percent at US$249.2 billion and imports up 35.8 percent at US$225.1 billion.

(Xinhua 02/14/2001)