China becomes world's 3rd largest exporter
China exported more than Japan in 2004, becoming the world's third largest exporter behind the US and Germany, the Beijing News reported Saturday.
Sources with the Ministry of Commerce confirmed Friday that WTOstatistics released Thursday affirmed China's export value rose to the third most in 2004.
The WTO said surging demand for Chinese electronic products pushed China's overseas sales up by 35 percent.
One third of Chinese exports are electronic products. Electronic products account for one to two thirds of exports of Singapore, ROK, Malaysia and the Philippines.
WTO statistics attribute China's 35 percent rise of export value and 20 percent increase in export volume to the 45 percent upturn of its electronic products sales on the international market.
The export value of textiles and clothing jumped 15 percent and17 percent. Their sales accounted to less than 10 percent of China's export volume.
The WTO said China's surplus productivity and the many China-based foreign enterprises are major reasons for China's rising exports.
The organization predicted that the world's commodities trade for 2005, albeit still higher than the average in the past decade,will be slow to 6.5 percent from 9 percent last year.
The WTO thinks rising oil prices and interest rates are at least partly
responsible for the slowdown. A weakened information and communication industry
also played a role.