China's external trade estimated to grow 18% in 2008

(Xinhua)
Updated: 2009-01-04 20:05

BEIJING - China's foreign trade probably reached US$2.55 trillion last year, up 18 percent from 2007, according to an analysis released on Sunday by the General Administration of Customs.

The trade surplus was about US$290 billion, it said.

In the first 11 months of 2008, external trade was US$2.38 trillion, up 20.9 percent year-on-year. The growth rate was 2.6 percentage points below the year-earlier level.

The 11-month trade surplus was US$255.95 billion, up 6.9 percent year-on-year.

Customs officials said that because of the worsening financial crisis and ensuing global recession, China's foreign trade fell 9 percent last November year-on-year, the first monthly decline since October 2001.

During November, exports fell 2.2 percent, vs. growth of 19.1 percent in October, while imports slid 17.9 percent, vs. a rise of 15.5 percent a month earlier.

The report predicted that as the financial crisis further affected the real economy and external demand shrank, China's exports would decline further.