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Shenyang posts 61.8% trade increase with EU
Updated: 2005-02-13 11:03

The volume of trade between Shenyang, capital of Northeast China's Liaoning Province, and the European Union (EU) shot up 61.8 percent year-on-year to US$1.27 billion last year, according to the latest customs figures.

Figures from the Shenyang Customs show that the Shenyang-EU trade volume accounted for 24.7 percent of Shenyang's total foreign trade volume for last year, making the EU the largest trade partner of the city, a traditional industrial base of China.

Shenyang imported US$906 million of goods from EU last year, up 86.6 percent from the previous year and accounting for 31.8 percent of Shenyang's total import. The city exported US$366 million of goods, up 22.1 percent year-on-year and accounting for 15.8 percent of Shenyang's total export. Shenyang posted a trade deficit of US$540 million.

Customs officers said that the launching of BMW production project in Shenyang in 2003 prompted import of large amount of auto spare parts, which was a major factor behind the big trade deficit. Last year, Shenyang imported US$399 million of auto spare parts.

Experts predicted that Shenyang expects to see increasing imports from EU in the future since the city needs to import large quantities of advanced technologies and equipment from Europe to rejuvenate its traditional but rusty industries.

Experts suggest that Shenyang should make greater efforts to explore export markets for native products such as traditional Chinese medicine, farm produce, clothing and software while maintaining good momentum in exporting electromechanical products and raw medicines, so as to achieve a trade balance.

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