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China foreign trade hits new high in 2011

01-11-2012 10:26 BJT

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Fresh figures show that China's foreign trade hit another record high last year, while the overall trade surplus shrank to a three-year low.

Analysts and investors, however, note that December saw exports and imports grow at their slowest pace in more than two years.

China’s total imports and exports exceeded 3.64 trillion US dollars, a surge of 22.5 percent over 2010. Exports rose to nearly 1.9 trillion US dollars, a yearly growth of about 20 percent. But imports expanded at an even faster pace of 25 percent. With that, China’s trade surplus narrowed by 14.5 percent to 155 billion US dollars.

Zheng Yuesheng, director of Department of Statistics, General Administration of Customs, said: "In the first ten months of 2011, China’s foreign trade exceeded 2.97 trillion US dollars, the 2010 total. That’s mainly thanks to the stable growth of China’s GDP and high domestic demand. Meanwhile, Chinese products still have strong advantages to compete in the international markets. "

Data from General Administration of Customs shows the steady development of China’s economy boosted domestic demand. Analysts say it’s becoming a sustainable power, helping to drive global growth. Last year, China’s imports from major economies like the US, Japan and Europe amounted to 528 billion US dollars.

Zheng said: "Although the growth of China’s exports have slowed for four straight months, it’s still ranked the first in the world. Imports are second only to the US, and the gap is narrowing."

In December alone, China’s exports totaled about 175 billion dollars, up 13.4 percent year on year. Imports increased 11.8 percent to 158 billion.

 

Editor:Zhang Rui |Source: CNTV.CN

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