Foreign trade nears US$2 trln in first 11 months

Updated: 2007-12-11 15:04

The statistics indicate that the government's macro-economic control efforts have begun to pay off, said Zhang Yansheng, head of the research institute of foreign trade and economic cooperation under the National Development and Reform Commission.

China increased export duties for 142 commodities on June 1, including a 5- to 10-percent tariff on steel products. A month later, the government ended tax rebates for 553 export items and slashed incentives for 2,268 items. Meanwhile, the government encouraged imports of energy, resources and key parts.

The moves were intended to restrict exports of energy-consuming products or those causing serious pollution, as well as to balance imports and exports, Zhang said.

"Price rises also contributed to trade growth," said Mei Xiyu, an analyst with the research institute of the Ministry of Commerce.

According to the customs administration, the European Union, the United States and Japan were China's top three trade partners in the first 11 months.

Between January and November, China-E.U. trade was 322.75 billion US dollars, up 27.3 percent, China-US trade, 276.21 billion dollars, up 15.7 percent, and China-Japan trade, 213.83 billion US dollars, up 14 percent.

The 11 months saw China export 634.06 billion US dollars worth of machines and electronics, up 27.8 percent, and import 150 million tons of oil, up 12.5 percent and 46.68 million tons of coal, up 38.5 percent.

"It takes time for China to slow its sizzling exports," Zhang said.

"Since 2000, manufacturing has quickened the pace of its shift to China, with foreign investment concentrating on export-oriented businesses. The result was a boom in processing trade. Meanwhile, strong demand from neighboring emerging markets and the largely stable American economy also helped buoy China's foreign sales," Zhang added.

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