Economy

Beijing sees foreign trade up 70% in Jan, Feb

(Xinhua)
Updated: 2010-03-13 16:43

BEIJING - Foreign trade value in the Chinese capital rose 70 percent year on year to $42.2 billion in January and February, Beijing's customs authorities said Saturday.

Export value in the first two months of 2010 stood at $8.06 billion, up 10.7 percent from the same period last year, while imports rose by 94.7 percent to $34.16 billion, the customs said.

This has resulted in a trade deficit of $26.1 billion, up 150 percent year on year, the customs said.

The customs authorities attributed the surging import value of crude oil, automobiles and iron ore, which climbed by 180 percent, 96 percent and 36 percent respectively, to the growing trade deficit.

The European Union remains as Beijing's largest trade partner, followed by Saudi Arabia, which saw trade value with Beijing up 140 percent in January and February.

In the same period, China's nationwide exports surged 31.4 percent to $204 billion year on year and imports stood at $182.3 billion, up 63.6 percent, with a trade surplus of $21.76 billion, contracting 50.4 percent, according to the General Administration of Customs Wednesday.